The Rise of PEPE: A New Contender in the Top 10 Rankings and Its Impact on Prices
Despite the oversaturation of the memecoin market, can PEPE [PEPE] maintain its impressive performance? Many memecoin traders have shifted focus to new memecoins with hopes of greater profits.
Popular memecoins like PEPE have taken a backseat in recent times. However, recent data indicates that this frog-themed memecoin is still holding relevance in the market. Notably, it has secured the seventh position in the top 15 most searched coins on Binance.
This ranking highlights the significant attention PEPE still garners on a major crypto exchange. This could potentially lead to increased investments if bullish trends make a strong comeback.
Besides its ranking, the growing interest in PEPE is evident in its address expansion. The number of addresses holding PEPE with a non-zero balance has been steadily increasing since its launch.
In March 2024, the growth rate notably surged. Currently, PEPE boasts over 273,400 addresses with a positive balance, while the number of zero-balance addresses stands at 391,220, out of the total 664,000 addresses.
Regarding profitability, data shows that PEPE now has more profitable holders compared to a year ago. Approximately 156,200 addresses (66.24% of total addresses with a balance) were at profit levels at the time of reporting.
Meanwhile, about 21,360 addresses (9.30%) were breakeven, and the remaining 53,550 addresses (24.45%) were experiencing losses as they purchased above the current price level.
Is PEPE Ready to Compete with Newer Memecoins?
At present, PEPE is trading at $0.00000717. The second week of September saw some accumulation as the memecoin attempted to recover from recent lows.
However, these recovery efforts were met with limited success, signaling weak demand. This trend is reflective of the broader altcoin market conditions.
PEPE is hovering close to a crucial support level near $0.0000065, showing signs of accumulation during the previous retest of this level. This suggests a robust liquidity zone in the vicinity, with the potential for a price pivot at this point.
Alternatively, this level could act as a strong exit liquidity zone in the event of a market selloff. A potential rally could drive PEPE towards a 31% gain at the next resistance level around $0.000095.
Further resistance lies near the $0.000012 mark, representing an 80% gain from current levels.