Has Pepe’s hype settled finally or is another rally in the works? Assessing…
- PEPE’s weighted sentiments shifted to the negative side, along with a decline in bullish sentiment.
- Market indicators revealed that the bulls and the bears were battling each other.
Pepe [PEPE] gained immense popularity since its inception and also quickly made it to the list of the top 100 cryptos by market capitalization. However, as time flew by, the coin’s popularity seems to have declined as its trading volume went down substantially.
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Realistic or not, here’s PEPE market cap in BTC terms
A decline in trading volume reflects less interest from investors in trading the token. Not only that, but PEPE’s social dominance also went down last week, which too suggested less popularity.
The memecoin’s price action was lazy last week
As evident from the aforementioned chart, PEPE’s 1-week price volatility plummeted. And hence, PEPE’s price did not move much in the last 24 hours.
According to CoinMarketCap, at the time of writing, the memecoin was trading at $0.000001528. It had a market capitalization of $598 million making it the 69th largest crypto by market cap.
Market sentiment around PEPE also turned bearish. Santiment’s chart revealed that after spiking, PEPE’s weighted sentiments drifted into the negative zone. Bullish sentiment around PEPE also declined by 56% over the last week.
Are whales buying PEPE again?
While the memecoin price action remained sluggish, Lookonchain revealed an interesting development in terms of whale activity.
A whale withdrew 1.27 trillion PEPE which was worth nearly $2 million, from Binance on 18 May. This suggested that whales could be accumulating the coin. However, the ground reality was different.
1/ We noticed that BlackRock Fund withdrew 1.27T $PEPE ($1.98M) from #Binance to 4 addresses 2 hrs ago.
And BlackRock Fund made $2.39M(10x) on $PEPE before! pic.twitter.com/WgVnCGXpnt
— Lookonchain (@lookonchain) May 18, 2023
As per Santiment’s data, the opposite was happening as the supply held by top addresses registered a decline. In addition to that, PEPE’s supply on exchanges increased sharply while its supply outside of exchanges plummeted.
This is a typical bearish signal. The token’s network growth also fell, indicating fewer new addresses were created. Another bearish metric was the exchange outflow, which remained low.
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Bulls vs. Bears
A look at the cryptocurrency’s daily chart revealed an on-going battle between the bulls and the bears. The 20-day Exponential Moving Average (EMA) and the 55-day EMA were closely knit.
The tussle was also suggested by PEPE’s MACD. The Chaikin Money Flow (CMF), on the other hand, registered an uptick, which looked bearish. However, the Relative Strength Index (RSI) was resting well below the neutral mark.