The price of the Pepe coin recovered along with other meme coins as the Santa Claus rally took place on Christmas Eve.
Pepe (PEPE), the third-largest meme coin, rose in a high volume environment as investors bought the recent decline. This rally took place as Bitcoin (BTC) rose to $98,500 and the crypto fear and greed index approached the greed zone.
Most cryptocurrencies rallied, with the market cap of all coins tracked by CoinGecko reaching a high of $3.60 trillion.
Pepe had 24-hour volume of $2.2 billion, while futures open interest rose for the third straight day, reaching a high of $151 million. It has risen to its highest level since December 30th.
The coin also rose as there were signs that Pepe was at its lowest price since November 5 on the market value to realized value indicator. The MVRV Z-Score indicator is widely considered to be one of the most accurate indicators for predicting highs and lows.
This indicator is calculated taking into account the market price of an asset and the realized value. This MVRV value has dropped to 1.28, a sign that it is heavily oversold. The last time Pepe had this MVRV value was in November, and the coin saw a strong rally to an all-time high of $0.00002830.
The other contrarian case for Pepe is that there are signs that speculators have capitulated and gone out of business. The data shows that the number of active, new and zero balance addresses has decreased by over 20% in the last seven days.
As shown below, the active address ratio fell to 1.34%, its lowest level in over a month. Most Pepe Prize…
