Popular meme coin PEPE coin The price fell to $0.000006 on March 19, a 42% decline from its peak in 2024. However, on-chain data trends indicate that the rally is not over yet.
meme coin markets have experienced a significant pullback since March 19. PEPE, dogewifhat Tokens like (WIF) and Book of memes (BOME) rose to historic highs with triple-digit gains last week. This shows that the meme coin market is still volatile and prices can change quickly.
PEPE Coin Network Continues to Grow Amid Price Drop
PEPE’s market cap climbed to $0.00001 on March 14, reaching over $3.5 billion, making it the second largest meme coin ecosystem on the Ethereum network, after SHIB.
However, as another zero was erased from PEPE, the greed for profit increased the prices to $0.00006, an increase of 42% on March 19.
However, PEPE’s strong price performance over the last 30 days has significantly strengthened its market position. Despite intense selling pressure, PEPE is still attracting new users. This is a move that could trigger an early recovery phase.
Santiment’s owner count metric is a proxy for measuring the number of active users on a cryptocurrency network. It currently tracks the number of funded wallets holding units of the underlying asset.
The chart shows that this month the PEPE network welcomed 29,100 new users, with total holders increasing from 159,100 addresses to 188,200 addresses between February 29 and March 19.
The increase in funded wallets is a clear indicator of increasing retail adoption and fresh capital flowing into the ecosystem. A closer look at the chart shows how PEPE’s recent price rallies coincide with significant increases in newly funded wallets.
This constitutes a significant decline signal considering that 2,400 new users joined the network between March 14 and March 19, when the price drop of 42% occurred. If a network attracts a significant number of new users during a market decline, this suggests that strategic new entrants may be stepping in to buy the decline.
Pepe Coin Price Prediction
With PEPE price falling 42% below the market peak and falling below the 20-day SMA price, it can be considered perfect timing for strategic traders looking to buy the dip.
Increasing demand from 29,100 newly funded PEPE addresses suggests market forces are well aligned for the PEPE price to remain at a stable support level above $0.000006.
However, for the bulls to regain momentum, PEPE price must first scale the initial resistance at $0.000008.
IntoTheBlock’s global inflow/outflow data, which groups all current PEPE holders by entry price, also confirms this view.
It shows that 3,910 addresses buying 37,900 ETH in the $0.000008 maximum price range could create a large sell wall as PEPE approaches breakeven.
Koinfinans.com As we reported, if PEPE price can overcome this roadblock, the rally could gain momentum and move towards $0.00001.
Still, PEPE bears may remain in control if PEPE loses the $0.00006 support. However, this seems unlikely at the moment given the impending support buying wall.
In this range, 21,000 investors who purchased 62.9 trillion PEPE at an average price of $0.000006 may buy frantically to avoid falling into net loss positions.
