Predicting PEPE Coin’s 7-Day Price Surge: 3 Crucial Factors Driving the Memecoin’s Value (PEPE)
- PEPE’s recent price action reveals intriguing insights about its future trajectory.
- An increase in active addresses has driven a significant price surge.
- Despite a decrease in circulation, many old coins have remained inactive, suggesting another potential rise.
PEPE’s recent price action, driven by an increase in active addresses and a decrease in circulation, suggests promising future moves for the memecoin.
Price Correlation with Network Activity
According to on-chain data from Santiment, the number of active addresses transacting on PEPE’s network increased from 2669 on May 1st to 4470 at press time. This metric, which often does not correlate with price in the broader crypto market, shows a strong correlation with PEPE’s price. If the number of active addresses continues to rise, PEPE’s price may follow suit. Conversely, a decline in active addresses could slow the memecoin’s upward trajectory.
Social Dominance and Potential Price Increase
As a result of the price increase, PEPE’s Social Dominance, a metric showing the rate of discussions about a project compared to others in the top 100, also jumped. This indicates that the market is paying more attention to PEPE than other memecoins. However, an extremely high Social Dominance could negatively impact the price. For instance, when Social Dominance h... Read the full article for FREE at COINOTAG!
