Markets
PEPE Price Rises 35% Despite Crypto Market Collapse: Here’s Why
PEPE Price vs. Duration Addresses, June 2024 | Source: IntoTheBlock
Looking at the chart above, the number of long-term investors in PEPE outnumbered the portfolios of short-term traders around May 5. This was a major bullish catalyst as prices hit new all-time highs 22 days later on May 27.
The latest trends show that as of the close of May 31, there were 58,240 long-term investor addresses holding PEPE.
But curiously, since June 1, the number of PEPE long-term investor addresses increased by 4,320, while 15,350 short-term holder addresses abandoned their positions during the month-long market decline.
Despite historic profits seen following new global price peaks seen in May, most long-term PEPE investors chose to hold their ground rather than join the selling frenzy that hit cryptocurrency markets in June.
First, the long-term resilience of PEPE investors indicates strong confidence in the asset’s potential, which has created a relatively more stable price floor compared to other assets in volatile market conditions.
Second, the exit of short-term holders, who are typically more responsive to swings in market sentiment, may have reduced selling pressure on PEPE, setting the stage for the accelerated price recovery of 35.8 % observed between June 24th and 26th.
PEPE Price Prediction: PEPE Could Surpass $0.000015
Drawing insights from the on-chain trends analyzed above, PEPE’s 35.8% price increase appears to be driven by long-term investors’ demonstration of month-long resilience. However, technical indicators suggest that further rises towards $0.000015 may be on the cards in the coming days.
Looking at the GIOM data from IntoTheBlock below, PEPE price now faces relatively smaller resistance clusters until it reaches the $0.000015 mark.