Is PEPE poised for a comeback against WIF?
PEPE’s price increased in the last 24 hours, giving some comfort to the memecoin's investors.
- More than 77% of PEPE investors were in profit.
- Market indicators suggested a few slow-moving days ahead.
The last week remained happening for memecoins as giants like Dogecoin [DOGE] and Shiba Inu [SHIB] registered promising gains. Therefore, AMBCrypto planned to have a look at yet another popular meme coin, PEPE, to see how it performed at the same time.
PEPE’s performance is on-point
During the last week, top memecoins like DOGE and SHIB registered double-digit growth. According to CoinMarketCap, DOGE was up by over 26% while SHIB’s value surged by 10%. At the time of writing, these memecoins were trading at $0.2069 and $0.00003001, respectively.
Though PEPE’s growth rate was not as high as the top two, the memecoin still pushed its price up by 5% last week. But WIF managed to overtake PEPE to become the third largest memecoin.
At press time, after losing its spot to WIF, PEPE was trading at $0.000008058 with a market cap of over $3.39 billion. However, it’s not all bad news for PEPE’s investors. The recent price uptick did allow investors to earn profits.
As per IntoTheBlock’s data, more than 77% of the memecoin’s investors were in profit. Thanks to the bullish price action, PEPE’s social dominance spiked. Additionally, positive sentiment around the memecoin also went up during that time.
Will PEPE’s uptrend last?
Since the memecoin’s daily chart was green, we planned to check its metrics to see what the chances were for the bull rally to continue. We found that during the last few days, buying pressure on the memecoin remained high.
However, the trend started to change on the 28th of March. This was evident from the fact that its supply on exchanges increased while its supply outside of exchanges dropped.
Nonetheless, whales continued to accumulate as the supply held by top addresses registered an uptick.
Our analysis of TradingView’s data revealed that investors might witness a few slow-moving days. This seemed to be the case, as the Bollinger Bands pointed out that PEPE’s price was in a less volatile zone.
Nonetheless, the Money Flow Index (MFI) looked bullish as it registered an uptick and was headed towards the neutral mark. Hence, it was not clear if PEPE can retake its position as the third largest memecoin in the near term.
