- Market sentiment around PEPE turned negative.
- Most market indicators remained in the bears’ favor.
Pepe [PEPE] showcased an impressive performance over the last month, but the last 24 hours were not as good, as PEPE’s price action turned bearish.
PEPE investors losing confidence?
According to CoinMarketCap, the meme coin’s value plummeted by more than 8% in the last 24 hours.
At the time of writing, the meme coin was trading at $0.000008427 with a market capitalization of over $3.5 billion.
Meanwhile, IntoTheBlock’s recent tweet revealed that there were only 170,000 PEPE holders, which was significantly lower than Shiba Inu’s [SHIB] 1.3 million and Dogecoin’s [DOGE] 6.3 million holders.
This was surprising to see, because the meme coin had displayed immense growth since its launch.
Is this because investors do not have confidence in PEPE?
A look at PEPE’s metrics
Our analysis of Santiment’s data revealed that the meme coin’s popularity dropped last week, as its Social Dominance fell. Positive sentiment around the coin also sank, indicating less confidence among investors.
Source: Santiment
Additionally, AMBCrypto found that investors were selling the meme coin at press time. This was evident from the fact that the meme coin’s Supply on Exchanges rose sharply in the last week.
At the same time, the coin’s Supply outside of Exchanges waned.
However, things can turn in PEPE’s favor soon, as its Total Amount of Holders rose up in the last week and exceeded 180k.
Though the number was still way lower than DOGE and SHIB, a hike is definitely an optimistic indicator.
Source: Santiment
To see whether the slight rise in total holders can positively impact the meme coin, AMBCrypto then took a look at its daily chart. Our analysis did not reveal anything bullish.
For example, PEPE’s Relative Strength Index (RSI) was in the overbought zone. Its Chaikin Money Flow (CMF) also went down, indicating that the chances of a continued price decline were high.
Source: TradingView
While PEPE’s price fell, its forked coin, PepeFork [PORK], The meme coin value also dropped by over 8% in the last 24 hours.
Read PEPE’s Price Prediction 2024-25
At the time of writing, PORK was trading at $0.0000005038 with a market cap of over $182 million. Things also looked similar in terms of social metrics.
Both PORK’s Social Dominance and Weighted Sentiment fell, reflecting less popularity and high bearish sentiment in the market.
Source: Santiment
