This PEPE Holder Cohort Is The Reason Price Is Struggling To Reclaim $0.00002
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PEPE bulls have faced difficulty pushing the meme cryptocurrency’s price upward. The price has dropped by 4% in the last 24 hours and 6.5% over the past seven days. This declining trend is linked to increased selling sentiment, especially since mid-July, as PEPE fails to break above the $0.0000126 resistance level repeatedly.
A deeper analysis shows a significant rise in short-term PEPE holders and a decrease in long-term holders. IntoTheBlock's Balance by Time Held metric reveals that trader cohort wallets have increased by over 31% in the past 30 days. These short-term traders usually hold assets for less than a month.
Conversely, cruiser addresses, which hold tokens for one to twelve months, have seen a 6.24% decrease in balance. The influx of short-term holders has injected volatility into PEPE, accounting for 20% of its circulating supply and contributing to rapid market movements.
At present, PEPE trades at $0.00001135. Although it remains 42% above its 2-month low, its upward trajectory is impeded by short-term traders’ activities, making it hard to sustain a stable rise towards the $0.00002 mark.
منبع: www.newsbtc.com ↗
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