PEPE Prints Dramatic Resurgence, Sends 59.85% of Holders into Profit

Frog-themed meme cryptocurrency PEPE is charting an ambitious bullish path, sending about 59.85% of its current holders into profit.

PEPE is one of the major memecoin wonders of the year, launching as early as April as a viable alternative to Shiba Inu (SHIB) and Dogecoin (DOGE). PEPE’s meteoric rise at inception forced many to believe that perhaps, dog-themed memecoins are not the only tokens destined for greatness.

PEPE Switch and Counter Switch

Shortly after its launch and initial buzz, PEPE’s price nosedived, hitting a low of $0.0000006288 on October 19. However, the recent update from IntoTheBlock shows the the token’s fortune is dramatically turning around.

The 59.85% traders in profit accounts for a total of 97,780 addresses. Per the data, 26.11% of addresses, or 42,660 holders are in losses leaving 14.03% or 22,920 addresses at the money.

The distribution of this profitability is important, as it can convince new entrants into PEPE of the long-term prospects of betting on the memecoin.

Besides this impressive profitability, the ITB data also sheds insight into the total number of active addresses.

This metric has seen an almost 3x jump compared to last week. Since the token’s on-chain performance is a holistic affair, the insights presented also confirmed that the transaction activity got a boost.

A minimum of 10 large PEPE transactions and a maximum of more than 160 are notably recorded. Overall, PEPE transactions topped 5,600, showcasing how much the memecoin is coming of age.

Maintaining Growth Sustainability

Whale action and a robust network activity generated through mere hype may only get a memecoin so far, the absence of more tangible fundamentals and utility may stagnate the growth trends eventually.

Learning from its peers, Shiba Inu is building a robust and scalable decentralized smart contract network through Shibarium to help drive user engagement and functionalities in the long term. Floki is also diving deep into tokenization through TokenFi. 

Unless PEPE is willing to dramatically switch its focus, there is no telling how far the current internal and external hype can get it in the fast-evolving Web3 ecosystem.