{"id":532237,"date":"2023-05-12T14:50:31","date_gmt":"2023-05-12T14:50:31","guid":{"rendered":"https:\/\/uniquehot.com\/?p=532237"},"modified":"2024-06-11T13:26:27","modified_gmt":"2024-06-11T13:26:27","slug":"pepe-coin-ready-another-pump-on-chain-data","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/pepe-coin-ready-another-pump-on-chain-data\/","title":{"rendered":"Is Pepe Coin Ready For Another Pump? Here’s What On-Chain Data Says"},"content":{"rendered":"
Here’s what the different on-chain indicators from Santiment have to say about whether Pepe Coin could see another pump soon or not.<\/p>\n
PEPE has been one of the hottest topics around the cryptocurrency market recently, thanks to the explosive growth that the meme coin has enjoyed. Between the end of last month and the 5th of May, the coin saw its price rise by an extraordinary 1,200%.<\/p>\n
The uptrend, however, ended there and the cryptocurrency has been sharply plunging since then. According to Santiment<\/a>, the on-chain analytics firm’s “social dominance<\/a>” indicator signaled this top in advance.<\/p>\n Social dominance tells us what percentage of the discussions happening on social media related to the top 100 cryptocurrencies by market cap are talking about a given coin.<\/p>\n As the below chart shows, Pepe’s social dominance rose to very high values just before the top took form earlier in the month.<\/p>\n <\/p>\n Whenever social dominance hits high levels, it’s a sign of euphoria among investors, which is something that has historically led to top formations for cryptocurrencies.<\/p>\n Santiment notes that the indicator still has a value of about 5%, meaning that 5% of all discussions related to the top 100 assets involve the meme coin currently.<\/p>\n “Seeing it get down to the 1-2% range would be a good sign that traders are beginning to stray away and look for pumps from other altcoins,” the firm explains.<\/p>\n The active addresses<\/a> metric, which measures the total number of unique addresses taking part in some transaction activity on the blockchain, also saw a spike just before the top.<\/p>\n <\/p>\n When this indicator has a high value, it means a large number of investors are making trades right now. The price generally becomes more likely to get volatile when the metric shows such a trend.<\/p>\n From the chart, it’s visible that the active addresses indicator has come down in value for PEPE in the last few days, which means that the market activity has calmed down.<\/p>\nLooks like the value of the metric has come down in recent days | Source: Santiment<\/a><\/pre>\n
The metric seems to have calmed down | Source: Santiment<\/a><\/pre>\n