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PEPE’s 51% trading volume surge has caught the attention of investors, but with whales sitting out, the token’s price growth appears fragile. Analysts warn that without more large-scale interest, PEPE could be facing a downward spiral.
PEPE Volume Surges 51%, but Weekly Price Growth Lags
PEPE, a meme coin with a frog theme, is riding today's wider upward market wave. Peercoin (PEPE) has surged 2.7% in 24 hours, reaching $0.00001038, according to statistics from CoinMarketCap. Nevertheless, the token has pared its gain with a 0.9% dip, and as of this writing, it has lowered its climb throughout the week.
This divergent viewpoint forces PEPE to adopt a novel approach to expansion, U.Today points out.
Trading Volume Skyrockets While Price Growth Stalls
The 24-hour trading volume of PEPE has seen a tremendous increase, according to on-chain data. According to CoinMarketCap, this statistic has increased by 51% throughout this period, reaching $742.55 million. This positive statistic makes it clear that PEPE has attracted a lot of attention from investors.
The main problem, though, is that its price growth is only slightly increasing. Although there was a jump in the last 24 hours, the token is still trading lower on a weekly basis. If this pattern continues, it might lead to a price reversal for PEPE, adding another zero to its value.
Whale Inactivity Casts Doubts on PEPE's Price Future
Contrary to what was previously predicted, other PEPE criteria do not guarantee that prices will not fall. For example, PEPE whales still haven't purchased the token. IntoTheBlock data reveals a 16.44% decline in this statistic, with a mere $42 million purchased in a single day.
This prediction, which takes into account changes in PEPE's Open Interest, demonstrates the potential requirement for a single indicator to adequately characterize or highlight the future of an asset.
Will PEPE Rally or Face a Price Crash?
There are two potential outcomes for the token, which is currently 39% below its all-time high (ATH) of $0.00001718. It may reach a new midterm high of $0.00005 if it keeps rising on the "Uptober" rally mood. But the dreaded pricing market might be in its future if PEPE is unable to maintain the volume gain and other slightly favorable measures.
After October, the PEPE community is optimistic that the token's future will be brighter.
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