After a 46% slump in August, the PEPE price has found a steady support buy-wall around the $0.0000008 territory. With the recent panic sell-off now cooling off, PEPE shows signs of a potential rebound.
PEPE experienced a 46% price slump in the second half of August after the development team confirmed that malicious actors made away with assets worth $15 million. However, a steady start to September suggests that PEPE has found support around the $0.0000008 range.
PEPE Long-Term Investors Are Regaining Confidence
According to recent on-chain data trends, long-term holders of the PEPE memecoin appear to be regaining confidence after last month’s sell-off frenzy. After stratospheric spikes that began around August 24, PEPE Age Consumed has now dropped to a two-month low.
As depicted in the chart below, 39.29 trillion recorded on September 4 was the first time PEPE Age Consumed had dropped below 40 trillion since June 19. Notably, it has not crossed 45 trillion since then.
Age Consumed is derived by multiplying recently traded coins by the number of days since they were last moved. This critical on-chain metric tracks changes in the trading activity of long-term holders within a blockchain community.
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Author: Ibrahim Ajibade
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