- The rise in active addresses led to a significant increase in prices.
- Trading is down, and many older coins remain stagnant, indicating another uptrend.
Baby price [PEPE] It rose 15.75% over the past 24 hours before falling 2%, according to CoinMarketCap data.
Although other memcoins are also rising, AMBCrypto has found specific reasons why the rise is specific to PEPE.
The price is linked to the activity
According to on-chain data from Santiment, PEPE addresses are active 24 hours a day more From 2,669 on May 1 to 4,470 at press time.
Active addresses display the number of unique users transacting on the network. In the broader cryptocurrency market, this metric does not always correlate with price.
However, a look at the PEPE situation showed that the price has a strong correlation with network activity.
Source: Santiment
If the gauge continues to rise, the price of PEPE may follow as well. Conversely, a decrease in active addresses may slow down the upward movement of the memecoin.
As a result of rising prices, social dominance jumped. Social dominance shows the rate of discussions about a project compared to other projects in the top 100 list.
Therefore, the increase means that the market gave the memecoin attention that others did not receive. However, extremely high social dominance may not be as significant for the price as shown in the chart below.
A rise to $0.00001 could be next
For example, when Social Dominance reached 2.21% on March 4th, the token reversed from its high. A similar situation occurred on April 1, where the gauge indicated that PPE was overhead.
Moreover, social dominance in A A relatively healthy level. As such, the price of the token may reach $0.00001 before any bounce appears.
As for social volume, AMBCrypto noted that it was nowhere near previous peaks, indicating that the search for PEPE was not intense.
Tracking historical data, this means that there may be a buying opportunity available before it reaches the local top.
Source: Santiment
Meanwhile, one-day trading fell from 11.50 trillion to 3.97 trillion. Regarding its price,… Decrease in blood circulation PEPE may help keep moving north.
This is because less trading gives room for less selling pressure. However, this will only be the case if buying momentum increases.
The other metric we evaluated is passive trading. At press time, 90-day inactive trading had fallen to 59.54 billion.
Source: Santiment
Whether realistic or not, this is PEPE’s market capitalization in terms of DOGE
This decrease means that long-standing token holders refrained from transferring their assets. Therefore, most of them are unwilling to sell. If this is the case in the future, there could be another PEPE rally soon.
This time, the token could be heading towards a new high.
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