PEPE flips ARB: A Fluke or start of a new trend?

• PEPE manages to flip ARB in terms of market cap as price of the memecoin surged.
• Social activity around PEPE fell, sentiment remained high.

Bitcoin’s [BTC] recent price plummet led to corrections across the board for various currencies. The memecoin sector was also impacted by the same causing massive price declines.

PEPE to the moon?

However, PEPE [PEPE] was one of the memecoins that managed to see green during this period. According to new data, the third largest memecoin managed to outperform ARB in terms of market cap.

Source: CoinMarketCap

However, it wasn’t an easy journey for PEPE in the last few months. Starting from the 14th of March after testing the $0.000001082 level,  the price started to fall.

PEPE continued to show multiple lower lows and lower highs after this, indicating a bearish trend. There were no signs of reversal for quite some time, until the 23rd of April, when it tested the $0.000000793 level and broke the cycle of lower highs and lower lows.

Even though price hasn’t been able to push past this level in the last few days, some bullish sentiment and momentum may help the memecoin see green in the near future.

However, indicators weren’t on the side of PEPE at the time of writing. The CMF (Chaikin Money Flow) fell in the last few days.

A declining CMF indicated that the money flowing into the token fell significantly. Moreover, the RSI (Relative Strength Index) also decreased, implying that bullish momentum around the memecoin declined materially.

These factors indicate that PEPE might move sideways for sometime before retesting the $0.000000793 level in the future. At press time, the token was trading at $0.000006847 and its price rose by 6% in the last 24 hours.

Coupled with this, the volume at which PEPE was trading at had also surged by 38% during this period.

Source: Trading View

Due to this recent surge in price, $3.09 million worth of short positions were liquidated in the last 24 hours.

Source: Coinglass

Social data

Even though PEPE’s price surged and bears were making losses, a large part of its price movement would be dictated by social volume.

Read Pepe’s [PEPE] Price Prediction 2024-25

AMBCrypto’s analysis of Santiment’s data revealed that the social volume declined significantly over the last few days.

However, the weighted sentiment around the token remained high. This suggested that even though the number of conversations happening around PEPE had fallen, the nature of the conversations was relatively positive.

Source: Santiment