Pepe (PEPE) Price Prediction: $0.0000069 Looms Again as Activity Drops, Loses Liquidity to NEIRO

On September 4, Pepe (PEPE) was priced at $0.0000070. As of now, the meme coin has seen a slight increase, trading at $0.0000072.

.0000069 Looms Again as Activity Drops, Loses Liquidity to NEIRO" >

Meme coin Pepe (PEPE) has seen a slight increase in value, currently trading at $0.0000072. However, despite hopes for a continued upswing, on-chain analysis indicates that the bounce may be short-lived. Here's a closer look at the challenges facing PEPE.

Pepe's active addresses, which hit an impressive peak in the first week of August, have now dropped to their lowest since February. The active addresses metric is a crucial indicator of any cryptocurrency project as it measures the level of user interaction.

When it increases, it means market participants are actively transacting, which could be a bullish sign. A decrease, on the other hand, is usually not a great sign, as a lack of user participation could foster a stagnant price action or decrease.

For the token, this notable drawdown could stifle the recent recovery efforts. Besides this, the frog-themed meme coin seems to be playing second fiddle to NEIRO, another meme coin on Ethereum that burst into the limelight recently.

Specifically, while the crypto's price is moving sideways, NEIRO recorded a staggering 87% increase in the last 24 hours. This disparity suggests that liquidity that PEPE had previously enjoyed could be shifting towards the Dogecoin-inspired cryptocurrency.

Furthermore, the Addresses by Time Held metric reinforces this sentiment. Based on IntoTheBlock's data, the number of addresses that have held the token for the last 30 days has decreased by 20%.

Usually, when this metric increases, it means the short-term holders are buying. Therefore, this decline implies that this cohort might have moved their funds elsewhere as PEPE's price underperforms.

The above is the detailed content of Pepe (PEPE) Price Prediction: $0.0000069 Looms Again as Activity Drops, Loses Liquidity to NEIRO. For more information, please follow other related articles on the PHP Chinese website!