Meme Coins Face Potential Downturn: On-Chain Metrics Raise Concerns
On-chain data suggests Dogecoin, Shiba Inu, and Pepe could face further price corrections due to low active addresses and high MVRV ratios, indicating overvaluation.
On-chain data suggests Dogecoin, Shiba Inu, and Pepe could face further price corrections due to low active addresses and high MVRV ratios, indicating overvaluation.
Pepe ($PEPE) outperforms major meme coins like Dogecoin and Shiba Inu, as the meme coin market experiences a significant uptick. Meanwhile, a new contender, Pepe Unchained ($PEPU), enters the scene with innovative Layer 2 technology.
A major crypto whale has purchased 420 billion Pepe (PEPE) tokens in two separate transactions, sparking interest in the meme coin despite its recent price struggles.
Coinbase International Exchange has announced the launch of perpetual futures trading for the PEPE meme coin, set to commence on or after April 18, indicating a shift in the exchange’s stance towards listing the controversial token.
PEPE led meme coin gains with a 180% weekly price explosion to $0.0000033, joined by FLOKI and Doge surging 20-30%, as the niche crypto sector suddenly rebounds to $27 billion.