While PEPE has shown positive performance in November, it lags behind Dogecoin. Nevertheless, signs point towards a possible upward trajectory for the frog-themed memecoin.
In 2024, PEPE has emerged as a strong contender among memecoins, yet its performance in the latter part of the year has been lackluster.
PEPE failed to reach new highs for the year, in contrast to DOGE, which has been on a remarkable upward trend. DOGE saw a remarkable 206% increase from its recent lows to its peak, while PEPE experienced a 92% increase.
Potential Upside for PEPE
The leading coins in various categories have been experiencing significant gains, including Dogecoin and Bitcoin [BTC].
However, a shift in liquidity could be on the horizon, creating opportunities for coins like PEPE to benefit from increased liquidity inflows.
PEPE shows promise of further growth and a potential new peak by the end of 2024. With Open Interest reaching $214.89 million in the last 24 hours, the memecoin has achieved its highest levels to date.
These developments indicate a growing interest in PEPE within the derivatives market. But what about demand in the spot market?
Transaction data from IntoTheBlock reveals over 12,100 transactions involving PEPE in the last 24 hours. Transaction volumes for the memecoin have been rising this month, reaching a 3-month peak at the time of this report.
An analysis of price correlation indicates that the surge in transactions is primarily driven by buying activity rather than selling pressure.
These findings suggest that PEPE is gaining traction in the market, potentially leading to a bullish outcome.
On-chain data also shows an increase in whale activity since the beginning of November.
Notably, there has been a rise in holdings by large investors, from 1.81 trillion PEPE on November 2nd to 16.33 trillion PEPE presently.
While large holders have been accumulating, their actions may have restricted PEPE’s potential gains.
Significant outflows from large holders have been recorded, dropping from 1.6 trillion tokens on November 1st to 15.46 trillion tokens by November 12th.
Despite the current balance favoring bullish sentiment, it remains subject to changing market conditions.