Meme coin Pepe [PEPE] faces a potential price drawback as its supply on exchanges spikes, suggesting a rally in profit-taking activity.
The increase in the token’s exchange reserves comes amid the significant surge in its value in the past few weeks. At press time, PEPE exchanged hands at $0.000009.
As of this writing, 182 trillion PEPE tokens sit on crypto exchanges. This represented 43% of the altcoin’s total circulating supply of 423 trillion PEPE. An assessment of PEPE transactions revealed that the daily ratio of its transaction volume to loss was 2.61 on the 9th of March. Further, the token’s Market Value to Realized Value ratio, which measures whether an asset is overvalued or undervalued, was 347.63% at press time.
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