Odds of Pepe starting a new bull rally are…

• Market sentiments around PEPE improved as its weighted sentiment graph went up.
• However, its RSI and MFI took a sideways path, which looked bearish.

Pepe [PEPE] investors witnessed quite a few hard weeks as the meme’s price registered continuous declines. Pepe earlier exhibited an exponential increase in its price, which helped it briefly touch the $1 billion market cap before falling. 

Realistic or not, here’s PEPE’s market cap in BTC terms

Now, the scenario seems to have changed in PEPE’s favor, as its daily chart showed double digit growth. Will this latest price pump help PEPE re-enter the $1 billion market cap club? 

PEPE’s growth is remarkable 

According to

A positive thing about this surge was that it was backed by an over 46% increase in trading volume, which is typically bullish. 

PEPE is winning hearts again

Investors’ confidence in the memecoin also seems to have improved, thanks to the price pump. Santiment’s chart revealed that PEPE’s social volume remained considerably high. Its weighted sentiment also turned positive, reflecting investors’ bullishness on the coin.

Source: Santiment

Did metrics support the surge?

During the price pump, the memecoin’s exchange outflow registered upticks. An increase in the metrics suggested that buying pressure was high as investors expected a further price pump.

PEPE’s supply held by top addresses also increased, which was bullish. However, it was interesting to note that PEPE’s supply on exchanges increased while its supply outside of exchanges went down. Such an incident generally means that selling pressure is increasing. 

Source: Santiment

Network stats looked healthy

Though the coin’s supply was ambiguous, its network stats were healthy. PEPE’s daily active addresses remained high. Its network growth also spiked, suggesting more new addresses were created to send the coin.

Additionally, the coin’s velocity also increased. A higher velocity means that the coin was used in transactions more often within a set time frame.

Source: Santiment

Investors should not get very excited 

A look at PEPE’s 4-hour chart suggested that the price uptick might not last longer. The memecoin’s Relative Strength Index (RSI) registered a downtick and was resting below the neutral mark of 50. The Money Flow Index (MFI) also took a sideways path, which decreased the chances of a price uptick.

However, the MACD displayed a bullish advantage in the market. The distance between the 20-day Exponential Moving Average (EMA) and the 55-day EMA was reduced. This also gave hope for a continued uptrend. 

Source: TradingView

How much are 1,10,100 PEPEs worth today       

The meme game is on

While PEPE enjoyed double digit growth, Dogecoin [DOGE] and Shiba Inu [SHIB] also joined the party. As per CoinMarketCap, DOGE’s price surged by over 4%, while SHIB’s value also increased marginally over the last 24 hours. At the time of writing, DOGE and SHIB were trading at $0.06956 and $0.00000808, respectively.