PEPE Price Surges 35% Despite Crypto Market Slump: Here’s Why

PEPE Price Analysis:

Ethereum’s second-largest meme coin, Pepe managed to stay afloat during the recent market downswing this week. PEPE price rebounded to a 12-day peak of $0.000014 on June 26, having entered a blistering 35.8% upswing from the weekly timeframe lows recorded on June 24.

On-chain analysis shows resilient long-term investor pining for more gains have been pivotal to PEPE rapid recovery amid the crypto market wobble.

PEPE Price Climbs 35% Despite Market Volatility 

A negative start to a third consecutive week has seen the global crypto market capitalization shrink by over $126 billion between June 22 and June 25, before rebounding toward the $2.4 trillion mark on June 27. Bitcoin (BTC) led the mega-cap losers with a 19% decline from its monthly peak, which saw it fall below the $60,000 mark for the first time in over 50 days. 

Curiously, PEPE, the second-largest meme coin project hosted on the Ethereum network, has decoupled from the negative trends in broader crypto markets, charting a double-digit bullish path.

The chart above depicts how the PEPE price has surged 36% from the 7-day low of $0.000010 recorded on June 24, to a daily time-frame peak of $0.000014 on Wednesday, June 26. This double-digit growth has seen the frog-themed meme coin emerge as the standout performer among the top-25 ranked crypto assets this week.

Notably, in confirmation of this stance, TradingView’s TOTAL CRYPTO CAP metric, which tracks real-time changes in the aggregate market capitalization of all listed cryptocurrencies, shows how PEPE’s price action has outperformed the broader market trend.

While PEPE price jumped by nearly 36%, the aggregate crypto market valuation has increased by less than 7%.  

PEPE Long-term Investors’ Resilience Driving the Rally 

Looking beyond the price charts, PEPE’s standout growth performance in the last 2 days appears to be driven by solid fundamental bullish catalysts and not merely speculative activity. 

Mainly, the PEPE long-term investors have shown a rare resilience amid the widespread sell-offs and over $300 million liquidations that rocked the crypto markets at the start of the week.

Indicatively, IntoTheBlock’s Addresses by Time Held chart groups the total number of funded addresses on a cryptocurrency network by their holding period. 

Typically, a persistent increase in the number of long-term holder addresses implies widespread accumulation and resilience among the project’s core investors who have held their tokens for one year or more.

Looking at the chart above, the number of PEPE long-term investors surpassed the short-term trader wallets around May 5. This formed a major bullish catalyst as prices raced to 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 at the close of May 31.

But curiously, since June 1, the number of PEPE long-term investor addresses  has increased by 4,320, while 15,350 short-term holder addresses exited their positions amid the month-long market dip.

Despite holding historic profits following the new global price peaks recorded in May, the majority of PEPE long-term investors have opted to hold firm rather than join the selling frenzy that has gripped crypto markets in June.

Firstly, the PEPE long-term investors’ resilience indicates strong confidence in the asset’s potential, which created a relatively more stable price floor compared to other assets during volatile market conditions.

Secondly, 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 observed between June 24 and June 26.

PEPE Price Forecast: PEPE Could Breakout Above $0.000015 

Drawing insights from the on-chain trends analyzed above, PEPE’s 35.8% price uptick appears to be driven by long-term investors’ month-long show of resilience. However, technical indicators suggest further upswings toward $0.000015 could be on the cards in the days ahead.

Looking at IntoTheBlock’s GIOM data below, PEPE price now faces relatively smaller resistance clusters until it reaches the $0.000015 mark.

As depicted above, 23,300 existing holder addresses had acquired 7.16 trillion PEPE tokens at the average price of $0.000015. If those holders opt to book some profits, PEPE could struggle to advance further.

But if the long-term investors’ resilient outlook persists, PEPE could retest the all-time high of $0.000017 recorded last month. Conversely, if the markets take another tumble, PEPE bulls can count on the looming support cluster at the $0.000010 level, which halted the downtrend earlier this week.