Pepe (PEPE) made a surprising resurgence in late June, with a resounding 85% price surge in the second half of the month. However, on-chain data now flashes mixed signals. What next for PEPE price in the coming days?
Between June 15 and July 4, PEPE price is up 85%. While bullish speculators are filling up their bags, on-chain data shows that some investors have started to book profits. Will it trigger a price correction in the coming weeks?
PEPE Long-term Holders are Booking Profits
PEPE price has dominated the memecoin price charts in recent weeks. But now, some holders are now taking advantage of the high prices to book profits.
On Monday, PEPE recorded an astronomic spike in Age Consumed. The chart below shows the PEPE Age Consumed soared to 365 trillion on July 3.
Age Consumed evaluates the trading sentiment among long-term investors. It is calculated by aggregating the number of recently moved coins multiplied by the number of days spent in their previous wallet addresses.
As seen above, sudden spikes in Age Consumed during a price surge indicate that many investors are offloading their holdings.
According to the historical data, the last time PEPE Age Consumed rose to this level was May 19. And notably, it was quickly followed by a 30% price correction.
If this pattern reoccurs, PEPE holders can anticipate another price downside over the next few weeks.
Author: Ibrahim Ajibade
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