PEPE price likely to climb higher riding on bullish on-chain metrics
- PEPE price noted no significant changes in the past week, the meme coin is trading sideways above $0.00000116.
- PEPE on-chain metrics signal an upcoming price recovery in the meme coin.
- Rising social dominance, spiking net realized profit and declining supply on exchanges are likely catalysts for a PEPE price recovery.
PEPE, one of the largest meme coins in the crypto ecosystem is trading sideways, at the same time as Shiba Inu and Dogecoin prices have seen rallies over the past two weeks.
On-chain metrics for PEPE support a bullish outlook regarding the asset. A price recovery is likely in PEPE, when Social Dominance, Net Realized Profit/Loss and declining exchange supply are considered.
Also read: Bitcoin price rally undeterred by miner sell off in October’s bull run
PEPE price rally likely according to on-chain metrics
PEPE Social Dominance measures the dominance of an asset in conversations across social media platforms like X. Higher dominance is correlated with higher relevance and demand for the asset.
Social dominance and price
Net Realized Profit/ Loss is a metric used to identify periods in time where there is a spike in the profit or loss realized by holders. It can help determine the direction of the asset’s price. Typically, strong spikes in this on-chain metric are correlated with local tops.
The chart below shows consistent spikes, equivalent with higher net realized profit in October. Continuation of a similar trend in November, would support a bullish outlook for PEPE.
Net realised profit and price
The supply of an asset on exchanges helps determine selling pressure. An asset facing high selling pressure is likely prone to a decline in its price. PEPE’s supply on exchanges has declined between September and November, corresponding to a decrease in selling pressure and this is bullish for PEPE price.
Supply on exchanges and price
PEPE price is at $0.00000118 on Binance at the time of writing. The meme coin’s price is up 0.8% on the day.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
