Assessing whether PEPE has a chance of recovery
- PEPE was down by more than 3% in the last 24 hours.
- PEPE’s open interest dropped, and a few metrics looked bullish.
Pepe [PEPE] witnessed major setbacks over the past couple of weeks as it bled a huge amount of its market capitalization. The episode also resulted in PEPE losing its spot in the top 100 list. However, the memecoin’s Galaxy Score, which is an indicator provided by LunarCrush, recently turned bullish.
Realistic or not, here’s PEPE’s market cap in BTC terms
PEPE continues to underperform
The memecoin, which grabbed the attention of the crypto market like a forest fire a few months ago, started to lose ground. The memecoin has already shed a lot of its value, as at press time, it ranked 105 on the list of the top cryptos by market cap.
Recently, PEPE appeared on the list of the top 15 cryptos by Galaxy Score. For starters, Galaxy Score assesses the overall health of a crypto by looking at variables including market activity, social media presence, etc. Therefore, an improvement in the metric is a bullish signal, suggesting that PEPE might soon paint its chart green.
TOP 15 coins by @LunarCRUSH Galaxy Score
Galaxy Score is a proprietary score that is constantly measuring crypto against itself with respect to the community metrics pulled in from across the web$SXP $NAKA $SEI $WLD $KAVA #1INCH $ARB $IMX $PEPE $FLOW $AAVE $BAKE $WOO $CELO… pic.twitter.com/AzoMaSFuQe
— ?? CryptoDiffer – StandWithUkraine ?? (@CryptoDiffer) September 16, 2023
In fact, the memecoin’s price rallied on 17 September. But the trend did not last long, as the coin’s price once again went downward. According to CoinMarketCap, the coin’s value dropped by more than 3% in the last 24 hours. At press time, it was trading at $0.0000006649 with a market cap of over $260 million.
The price downtick also caused the memecoin’s social metrics to go down. As per LunarCrush, PEPE’s social engagement dropped by more than 70% in the last 24 hours. Not only that, but bullish sentiment around the coin also plummeted by over 35%, which looked concerning.
Can PEPE recover anytime soon?
Interestingly, a look at PEPE supply distribution revealed that investors still had faith in the memecoin. Addresses with 1,000 to 1 million PEPE registered an uptick last week, reflecting whales’ confidence.
A few other metrics also looked bullish on the memecoin as well. For instance, the MVRV ratio improved over the last week. Exchange outflow spiked quite a few times, meaning that the memecoin was not under selling pressure.
Moreover, network growth also went up, which indicated that more new addresses were created to transfer the token.
How much are 1,10,100 PEPEs worth today
Another major bullish metric was revealed upon a check on the memecoin’s futures market. As per Coinglass, the coin’s open interest has declined along with its price.
A drop in the metric usually suggests a trend reversal, which increases the chances of PEPE painting its chart green in the coming days.