Can PEPE Build On Its 60% Rise? Heres What On-Chain Data Says
PEPE has observed an impressive 60% rally recently. Heres what on-chain data says regarding whether this rise can continue. PEPE Has Seen Some On-Chain Metrics Light Up Recently Numa nova postar on X, the market intelligence platform IntoTheBlock has discussed how PEPE is looking in terms of its on-chain indicators currently. The first metric of interest here is the profit/loss breakdown of the memecoins user base. The distribution of the PEPE holders based on whether they are in loss or profit | Source: IntoTheBlock em X As displayed above, about 35% of the holders/addresses of the cryptocurrency are carrying their coins with some net unrealized profit right now. On the other hand, the loss investors amount to 51% of the networks user base, meaning that the majority of the holders are in the red currently. The remaining 14% of the addresses are breaking even at the current price levels of the asset. Generally, the investors carrying profits are more likely to sell their coins to harvest their gains, which means that if there are many holders in profit, significant selling pressure could arise in the market. In the current scenario, however, more than 50% of the investors are still carrying their coins at a loss despite