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PEPE price rises 35% despite cryptocurrency market crash: here’s why
PEPE Price vs. Addresses by Length of Stay, June 2024 | Source: IntoTheBlock
Looking at the chart above, the number of long-term PEPE investors surpassed the portfolios of short-term traders around May 5th. This formed a major bullish catalyst as prices reached new all-time highs 22 days later on May 27.
More recent trends show that there were 58,240 long-term investor addresses holding PEPE as of the end of May 31.
But interestingly, since June 1, the number of PEPE long-term investor addresses has increased by 4,320, while 15,350 short-term holder addresses have exited their positions amid the month-long market crash.
Despite holding historic profits following new global price peaks recorded in May, most long-term PEPE investors opted to hold firm rather than join the selling frenzy that gripped crypto markets in June.
Firstly, the resilience of PEPE’s long-term investors indicates strong confidence in the asset’s potential, which has created a relatively more stable price floor compared to other assets during volatile market conditions.
Second, the exit of short-term holders, who are typically more reactive to swings in market sentiment, may have reduced selling pressure on PEPE, setting the stage for the accelerated 35.8% price recovery seen between June 24 and 26.
PEPE Price Prediction: PEPE May Break Above $0.000015
Based on the on-chain trends analyzed above, the 35.8% increase in PEPE’s price appears to be driven by long-term investors’ demonstration of resilience over the course of a month. However, technical indicators suggest that further increases towards $0.000015 could be on the cards in the coming days.
Looking at IntoTheBlock’s GIOM data below, PEPE price is now facing relatively minor resistance groups until it reaches the $0.000015 mark.