Altcoin
Is Pepe’s [PEPE] unprecedented journey coming to an end? Here’s what the metrics suggest…
PEPE’s performance outshined SHIB since its launch. Though PEPE was trending #1 on CoinMarketCap, metrics indicated a price decline
- PEPE’s number of holders increased considerably over the last few days.
- Investors should be cautious as market indicators suggest a trend reversal.
Pepe [PEPE] has once again sparked excitement in the market, especially in the memecoin niche. Since its inception a few weeks ago, it has created enough hype to make the token a word in every mouth. Messari posted a tweet on 10 May highlighting PEPE’s journey, which has astounded many over the course of time.
1/ Nothing brings people together quite like meme coins.@chasedevens breaks down the resurgence of speculative interest in meme coins thanks to the parabolic growth of @pepecoineth. ? pic.twitter.com/kTAC1cnt4D
— Messari (@MessariCrypto) May 9, 2023
How much are 1,10,100 PEPEs worth today
Analyzing PEPE’s journey
PEPE, which went live a little over three weeks ago on 14 April, surpassed 100,000 on-chain holdings. When compared to the past rise of other rapidly expanding Ethereum-based currencies, Pepe’s journey was more remarkable.
This was also evident from a look at Santiment’s chart, which revealed a substantial spike in the number of PEPE holders.
Source: Santiment
In addition to that, Messari’s tweet pointed out that the token was displaying a similar growth pattern to Shiba Inu [SHIB] but at a much higher pace in terms of average value per holder. This is commendable, as it makes PEPE a top contender among the memecoins.
4/ If we look at the average value per holder of @pepecoineth and @ShibainuCoin, as measured by the market cap value per holder, we see that $PEPE is displaying a similar growth pattern to $SHIB, but at a much faster pace. pic.twitter.com/hSN8dl5WOB
— Messari (@MessariCrypto) May 9, 2023
The unprecedented surge
Thanks to the hype the memecoin created, it was still trending at #1 on CoinMarketCap at press time. The coin registered triple-digit growth over the last few weeks.
At the time of writing, PEPE’s price increased by more than 85% in the last seven days. The memecoin was trading at $0.000001941 with a market capitalization of over $760 million.
Are the good days coming to an end?
PEPE’s growth momentum has slowed down over the last few days. The memecoins’ price only increased by over 3% in the last 24 hours.
For instance, the memecoin’s supply on exchanges registered an increase lately. This was accompanied by a decline in supply outside of exchanges, which is a typical bear signal.
In addition to that, whale transactions increased while the crossover happened, suggesting that the big shots were selling their assets at a profit.
Source: Santiment
PEPE enthusiasts should be cautious
A look at the rest of the metrics was also concerning. PEPE’s network growth and daily active addresses registered a decline. This indicated less activity and a decreased number of new addresses created daily.
The memecoin’s volume also declined, indicating a lower willingness of investors to trade the token. Moreover, its one-week price volatility also sank, decreasing the chances of a sudden uptrend.
Source: Santiment
Realistic or not, here’s PEPE market cap in BTC‘s terms
Bears to take over?
As per the Exponential Moving Average (EMA) Ribbon, the bears were buckling up as the distance between the 20-day and 55-day EMA was reducing.
PEPE’s Money Flow Index (MFI) and Chaikin Money Flow (CMF) both registered downticks, which increased the chances of a price decline in the coming days.
Source: TradingView
