The meme coin market is experiencing a resurgence. Over the past month, the sector’s capitalization has grown by 24%, indicating a spike in trading activity.
This general rally is driving an interest in frog-themed PEPE, which has seen a gradual spike in demand. The popular meme coin currently trades at $0.0000092, noting a 4% uptick over the past week.
Pepe Sees Renewed Interest
PEPE’s price daily active address (DAA) divergence has steadily increased, suggesting growing accumulation among market participants. At press time, the metric’s value stands at 35.16%.
DAA compares an asset’s dynamics with the changes in its number of daily active addresses. Investors use it to track whether network activity supports the price movements. A rising, positive value suggests that an increasing number of unique addresses are becoming active on the network and trading the asset.
Read more: Pepe (PEPE) Price Prediction 2024/2025/2030
PEPE’s gradual price rally over the past week, combined with its positive daily active address (DAA) divergence, is a bullish indicator of growing interest in the coin and confirms market demand for the meme coin.
Additionally, PEPE’s Mean Coin Age has been on the rise, currently sitting at 31.44, reflecting a 2% increase over the past two days. This metric tracks the average age of coins in circulation, measuring how long they have been held without being moved or spent.
An increase in Mean Coin Age signals network-wide accumulation, indicating that investors are confident in PEPE’s future value and are choosing to hold rather than sell.
PEPE Price Prediction: Meme Coin Sets Sight on $0.000010
The continued preference for accumulation over distribution by PEPE holders is likely to sustain its upward trend. If the bullish sentiment surrounding the meme coin intensifies, its price could rise toward the next major resistance at $0.000010.
Read more: 5 Best Pepe (PEPE) Wallets for Beginners and Experienced Users
However, this outlook would be invalidated if buying pressure diminishes. In that case, PEPE’s price could lose its recent gains and drop to $0.0000083.
Disclaimer
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Source: https://beincrypto.com/pepe-price-targets-0-000010/