PEPE Meme Coin Wallet Counts Surges; What It Means For Its Price

Pepe Coin Price Declines Despite Rising Wallet Addresses

A month has passed since Pepe Coin's significant rally, which saw it reach an all-time high of $0.00001718 in May. Since then, however, the PEPE price has plummeted by over 44%, currently standing at $0.000009662. This decline has continued, with the meme coin losing more than 8% in the past 24 hours alone.

Despite attempts at recovery, PEPE's rallies have been short-lived, leading to a decline to its monthly low. This pattern is not uncommon for the frog meme coin. Since its launch in April 2023, it has experienced sharp peaks, followed by equally sharp falls and consolidation periods.

Following the March rally, investors had anticipated sustained gains. However, the broader crypto market downturn has had a negative impact on Pepe Coin.

Pepe Wallet Addresses Surge Amidst Bearish Sentiment

On July 2, Santiment, an on-chain analytics platform, reported on the increasing number of PEPE wallet addresses, along with two other cryptocurrencies. According to the report, PEPE, FET, and ENS have experienced significant network growth, indicating Fear of Missing Out (FOMO). This bullish signal could potentially lead to a price surge.

The growth in token holders is also reflected in PEPE's rich list. At the start of June, there were 236,486 holders, which had increased to 246,639 by the end of the month.