The on-chain metrics showed that one of the memecoins was likely undervalued and could see greater gains in the coming weeks.were retracing their gains earlier this month. In the past 48 hours, PEPE shed 12.6%. Meanwhile, FLOKI fell by 15.2% from 21st March highs.continued to struggle around the $65k mark, with market participants unable or unwilling to enforce a new trend.
Meanwhile, the mean coin age is the average age of tokens on the chain. It is a bullish sign when it trends upward, reflecting increased accumulation amongst holders. For PEPE, the NVT shot wildly higher on 22nd March while the mean coin age trended higher but was still quite low. This meant that the network was likely overvalued and witnessed increased trading activity and short-term holders.
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