This PEPE Holder Cohort Is The Reason Price Is Struggling To Reclaim $0.00002

Quick Summary:

This observation is derived from IntoTheBlock’s Balance by Time Held metric, which follows the variation over time of the balance in wallet addresses and groups them into holders, cruisers, and traders, depending on their average time.  Related Reading: Institutional Investors Show Interest In Cardano, Triggering 300% Surge Notably, this metric shows that the balance in the wallets belonging to the trader cohort has increased by over 31% in the past 30 days.

Throughout this period, the meme coin has struggled to break above resistance at $0.0000126, facing repeated failures each time it approached this critical price point.  A deeper analysis of market behavior reveals that this prevailing selling sentiment can be largely attributed to a notable shift in the composition of PEPE investors.

There has been a strong increase in the number of short-term holders, accompanied by a corresponding decrease in long-term holders.  Jump In Short-Term Holders According to on-chain data from IntoTheBlock, short-term PEPE holders have increased noticeably in the past 30 days.

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Author / Journalist: Scott Matherson

Category: Crypto

Markets: United Kingdom

Topics: Pepeusd PEPE Pepe Coin PEPE price PEPEUSDT PEPE news

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Article Type: News Report

Published On: 2024-07-31 @ 19:30:16 (14 hours ago)

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Language: English

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