70% PEPE investors ‘out of the money,’ but is a reversal coming?
- PEPE’s price increased marginally in the last 24 hours.
- Bullish sentiment around the meme coin was dominant, and whales continued to buy.
AMBCrypto’s look at IntoTheBlock’s data pointed out that the price downtick pushed investors into bearing losses. Notably, at press time, more than 70% of Pepe investors were “out of the money.”
Pepe investors are bullish
However, things turned in the meme coin’s favor in the last 24 hours as its value increased marginally. At the time of writing, PEPE was trading at $0.0000009006 with a market capitalization of over $378 million.
It was interesting to see that despite the continued price drops over the last week, sentiment around the meme coin turned bullish. This was evident from the rise in its Weighted Sentiment since the 1st of February.
PEPE’s Social Volume also remained relatively high throughout the week, reflecting its popularity in the crypto community.
While the meme coin’s price lay low, whales took that opportunity to accumulate more tokens. AMBCrypto’s look at Santiment’s data revealed that the meme coin’s supply held by top addresses rose sharply last week.
However, selling sentiment remained dominant in the broader market. As if to illustrate this point, PEPE’s Exchange Outflow dropped in the last week.
PEPE’s Supply on Exchanges also increased drastically, while the Supply outside of Exchanges dropped.
This meant that investors were getting rid of their holdings at press time, which could harm the token’s price in the long term.
Will PEPE hold its ground?
AMBCrypto’s look at PEPE’s daily chart revealed quite a few positive indicators. For example, the MACD displayed the possibility of a bullish crossover.
The meme coin’s Relative Strength Index (RSI) was also resting near the oversold zone. If the graph entered that zone, it might increase buying pressure and, in turn, lift the meme coin’s price.
The Chaikin Money Flow (CMF) also looked bullish, as it registered an uptick.
Realistic or not, here’s PEPE market cap in BTC‘s terms
What of PORK?
Even as PEPE struggled in the last week, its newly forked coin, PepeFork [PORK], earned profits for investors. As per CoinMarketCap, PORK was up by nearly 600% in the last week.
In fact, in the last 24 hours, the coin’s value surged by 11%. At press time, it was trading at $0.0000006095 with a market cap of over $202 million.