Bulls gather to push PEPE back to the top 100
- PEPE might finally join the top cryptocurrencies by market cap if it secured robust demand.
- Press time market data showed weak demand despite recently bouncing off the oversold zone.
At press time, Pepe [PEPE] held the 102nd position in cryptocurrency ranking by market cap. There is a decent chance that it might soon join the top 100 cryptocurrencies if it can attract enough bullish activity.
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We previously looked into PEPE’s highly speculative nature and how it played a role in its bullish activity during its initial days. However, PEPE proponents have been less vocal lately. As a consequence, its price action continued to slide, getting closer to its historic lows.
Recent activity shows that the discounted prices are starting to attract some attention. As such, there is a considerable probability that it might actually push into the top 100 if PEPE manages to secure enough bullish momentum.
— PAULY (@Pauly0x) September 22, 2023
Here’s why a PEPE rally might be in the cards
As noted earlier, PEPE has been predominantly bearish in the last few months. However, it just registered its highest weekly volume in the last 24 hours, alongside a spike in social dominance.
These signs indicate that the memecoin is receiving more attention than it did earlier in the week.
Is the higher volume a sign that PEPE is seeing the return of bullish demand? Well, an assessment of whale activity during the week revealed that whales did in fact accumulate during the week.
The press time supply held by top whales is higher than it was at its lowest level during the week. Nevertheless, the same metric registered some downside in the last 24 hours.
The dip in the supply held by whales could indicate that whales are still on the fence regarding PEPE’s long-term prospects. The weighted sentiment metric corroborated this observation, considering that it is down to its lowest level in the last seven days.
Despite the above findings, PEPE pulled off a 16% upside during Friday’s trading session. This is the largest bullish spike that PEPE has achieved in a single day since June. PEPE rallied by over 100% the last time that happened.
How much are 1,10,100 PEPEs worth today?
PEPE’s recent lows represented a significantly lower price point than its June lows. It should technically attract more demand at its press time level. However, traders should consider that whales are still focused on short-term profit-taking before buying.