PEPE coin has seen gains of over 700% in the past month. The overall meme-coin/altcoin market has been pumped since the start of 2024. Now, analysts suggest that the coin still has room to grow, thanks to a metric that has gone under the radar.
PEPE has outperformed leading meme-coins Shiba Inu (SHIB) and Dogecoin (DOGE) since February. Its gains have multiplied that of these meme-coins, however, they are still miles ahead in market cap among other statistics. However, one number that could see PEPE still rise another few hundred percent, will depend on how its exposure continues over the next months.
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PEPE To Continue Its Rise: How # of Holders Plays a Part
While PEPE has outperformed Shiba Inu and Dogecoin, it still lags far behind in number of holders. According to data from IntoTheBlock, Dogecoin and Shiba Inu each have 6.3 million and 1.3 million holders, respectively. Meanwhile, PEPE has only around 170,000 holding addresses.
This number, however, has had a steep rise in the last week and is up nearly 1 percent in the last 24 hours. This statistic is significant for the frog-themed coin because it indicates that many investors have yet to gain exposure to the token. If the number of holders continues to rise, more eyes will be on PEPE, and its price may surge even more.
Also Read: Shiba Inu Official Forecasts SHIB To Hit $0.01
It’s important to note that the number of PEPE holders will have to increase by over nine times to match Shiba Inu. That number nearly doubles to match DOGE. Therefore, such an influx of investors could send the price of the frog-coin to new heights.
This is speculative of course, as PEPE could always lose its swing and enter a downward trajectory. Whalish selling of the meme-coin could show a resistance level being hit and making the coin fall back to earth. However, PEPE’s lower $3.8 billion market capitalization hints at future growth.
At press time, PEPE is trading at $0.000008592. It’s up 11% in the past week.