The number of PEPE holders has significantly jumped in the past month, suggesting that the meme coin boasts room for further growth.
The price of Pepe (PEPE) gained 790% in the past 30 days in a blissful period for meme-inspired cryptocurrencies. PEPE’s massive run within the period under consideration saw it outperform the two top-ranked memecoins including Dogecoin (114%) and Shiba Inu (265%).
Nonetheless, on-chain data suggests that PEPE may continue to outperform other competitors as it trails on a very important metric. While Dogecoin and Shiba Inu respectively have 6.3 million and 1.3 million holders, PEPE has only around 170,000 holding addresses.
Despite PEPE's impressive performance this month, just 170k addresses currently hold $PEPE. This is still significantly lower than SHIB's 1.3M and DOGE's 6.3M holders pic.twitter.com/sNKZs3y9MR
— IntoTheBlock (@intotheblock) March 10, 2024
Interestingly, the number of PEPE holders has now surpassed 180,000, following a 0.21% gain in the past 24 hours. The increase suggests that more investors are now paying attention to PEPE, a move that should bode well for existing holders in the short term.
Why This Matters for PEPE
The latest metric is significant for PEPE for several reasons. For one, it indicates that many investors are yet to gain exposure to the token, a situation that might improve if the cryptocurrency continues to gain in the coming months.
Additionally, given that the number of PEPE holders will have to increase by over nine times to match Shiba Inu, such an influx of investors could send the cryptocurrency’s price higher.
Notably, there is no guarantee of either outcome, as market actions such as intense selling pressure from whales and a broader market correction might negatively affect PEPE’s price.
Yet, PEPE’s lower $3.8 billion market capitalization hints at future growth in the long term, with Dogecoin and Shiba Inu at $25.3 billion and $20.2 billion, respectively.
At the time of writing, PEPE is trading at $0.000009126, representing a 4% gain in the day. The crypto asset is currently commanding massive interest, with trade volume surging 16% in the last 24 hours to $1.58 billion.