- PEPE’s number of holders hit 125,000 as whale transactions backed the price action.
- The token might be at a fair value despite its latest exponential growth.
Pepe’s [PEPE] remarkable surge over the last few days has led to a significant transformation of its previously stunted holder count. According to its official Twitter page, the total number of holders transacting the frog-themed memecoin crossed 125,000 on 22 June.
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This was possible because the overall market sentiment went in the upward direction. As a result, investors flocked to the token. This also drove up its price and ignited a wave of interest.
Can’t evade constant change
Before this recent exponential growth, the total number of PEPE holders hovered around the same point since 13 May. This was in contrast to the period when the token caught the attention of the crypto community and its price went haywire in less than two weeks.
However, the feat would have been impossible to attain if not for the input of large investors. According to Santiment, whales still regarded PEPE highly despite an appearing decline in the market’s rising momentum.
The on-chain analytic platform revealed that whales have been involved in a series of $100,000 transactions. Correspondingly, this led to a hike in PEPE’s volume. Also, most of the transactions were not on exchanges.
At press time, PEPE’s supply on exchanges was 156.28 trillion. But its supply outside of exchanges was 264.43 trillion.
Source: Santiment
Typically, a situation like this alongside increasing whale transactions suggests that whales were either transacting mostly on decentralized exchanges or keeping the token in self-custody.
Therefore, a massive sell-off might not be imminent. Also, PEPE’s price may revolt against significantly dropping while it signifies trust in the long-term price action.
New flocks propelled by PEPE’s growth
Regarding its network growth, Santiment showed that the metric registered a notable increase until 22 June. In general, an increase in network growth means more new adopters, which leads to higher liquidity for an asset.
However, press time data revealed that the growth has slowed down. Hence, PEPE might need to cope with less volume than had seen since 20 June.
How much are 1,10,100 PEPEs worth today?
Meanwhile, the Market Value to Realized Value (MVRV) Zscore has already journeyed into the positive region. As a metric used to ascertain an undervalued or overvalued state, a value over 6.9 means an asset is overvalued.
Source: Santiment
And anytime the MVRV Zscore is below 0.1, it means that the asset is undervalued. Therefore, PEPE might be considered being at a fair value with its price at $0.000002, while the metric was 0.38.