The $PEPE price has moved sideways this month and is showing signs of bottoming as supply on exchanges rises and whale accumulation intensifies.

Pepe token was trading at $0.0000075 on Sunday, a few points above the year-to-date low of $0.000005860.

On-chain metrics show that the value of Pepe could surge in the next few weeks. Data show that the 365-day Mean Dollar Invested Age or MDIA has gone vertical to 128, from the November low of 35. The MDIA is a popular indicator that looks at the average purchase price of tokens held in current addresses. A surging MDIA figure indicates that holders are not selling their tokens, suggesting they are confident in the coin.

Another metric shows that the supply of Pepe tokens in exchanges has continued falling this year. The supply on exchanges as a percentage of the total supply has dropped to 26.6%, down from 45% in November last year.