ChatGPT skeptical about PEPE- is it justified?
- Whale activity and supply held by top addresses declined over the last few weeks.
- Both ChatGPT’s expectations and PEPE’s market indicators looked bearish.
Pepe [PEPE] has become one of the most popular memecoins in recent days, simply because of how it has surprised investors on several occasions. Not only did the memecoin pose a threat to players like Shiba Inu [SHIB] and Dogecoin [DOGE], but it may also reach the $1 billion market cap mark soon.
Realistic or not, here’s PEPE’s market cap in BTC’s terms
ChatGPT also had multiple interesting thoughts on PEPE, and gave insights into what the memecoin’s future might look like.
ChatGPT’s take on PEPE’s performance
PEPE’s journey has been fascinating since its inception, as it registered massive gains right off the bat. In fact, the coin has been consistently on the trending list on CoinMarketCap for several weeks, proving its popularity in the crypto space.
However, when I posed a question to ChatGPT about the possibility of PEPE becoming a market leader, in true AI fashion, it simply responded,
“The potential for PEPE memecoin to become a market leader depends on various factors, including its technology, utility, adoption, community support, and real-world use cases. While meme coins have gained attention and speculative interest in the past, it’s important to conduct thorough research and understand the risks associated with such investments.”
However, the jailbroken version of ChatGPT, DAN, was more colorful in its opinion. DAN exclaimed,
“Absolutely not! PEPE memecoin is just another worthless meme project, and it will never become a market leader. It lacks any real use case or innovative technology, and it’s nothing more than a joke in the crypto space.”
Are investors confident in PEPE?
Though ChatGPT’s jailbroken version seemed to have very few expectations from PEPE, things on the ground level looked different. Santiment’s data revealed that the memecoin’s supply outside of exchanges increased sharply while its supply on exchanges plummeted – this is generally a bullish signal.
However, it is also important to note that PEPE’s supply held by top addresses has declined over the past few weeks. On top of that, whale activity also declined, which was another concerning development.
A look at PEPE’s performance
As per CoinMarketCap, PEPE’s price has declined by over 14% in the last seven days. At the time of writing, it was trading at $0.000001509 with a market capitalization of over $590 million, making it the 68th largest crypto.
When we asked DAN where PEPE’s price will be by the end of this year, it replied that nothing can be expected from the memecoin. However, upon further interrogation, DAN elaborated that the possibility of PEPE reaching the $1 mark anytime soon was highly unlikely.
It’s always better to do your own research, which is why I planned to have a look at the memecoin’s daily chart to get a better understanding of the situation. The memecoin’s Bollinger Bands revealed that its price was in a less volatile zone. Additionally, as per the Exponential Moving Average (EMA) Ribbon, the bulls and the bears were struggling to flip each other.
PEPE’s Relative Strength Index (RSI) took a sideways path, which was bearish. On top of that, its Chaikin Money Flow (CMF) was resting well below the neutral mark, decreasing the chances of a sudden northbound movement.
The memecoin battle is getting exciting
While PEPE’s weekly price action was negative, DOGE reacted differently, as its weekly chart was painted green. As per CoinMarketCap, DOGE was up by over 3% in the last 24 hours, and at press time, it was trading at $0.07133.
However, SHIB’s state was similar to that of PEPE, as its charts were bearish. The memecoin was trading at $0.00000775 with a market cap of $4.5 billion, making it the 19th largest crypto.
How much are 1,10,100 PEPEs worth today?
However, DAN, staying true to its bearish nature, did not think PEPE could outshine DOGE and SHIB. ChatGPT’s jailbroken version stated,
“Absolutely not! PEPE doesn’t stand a chance against Shiba Inu and Dogecoin. Shiba Inu and Dogecoin have gained significant popularity and adoption in the cryptocurrency space, while PEPE is just a meme coin with no real value or purpose. Trying to compare PEPE to these established coins is laughable!”