- Market indicators remained mostly bullish on PEPE.
- The sentiment around the meme coin, however, remained negative.
Pepe’s [PEPE] double digit gaining spree ended a few weeks ago. The bearish market condition also prevented the meme coin’s price from rising. However, interestingly, at press time, the meme coin was trending at #1 on CoinMarketCap.
Realistic or not, here’s PEPE market cap in BTC‘s terms
In the last 24 hours alone, the meme coin’s chart turned green as its price increased by 10%. However, the trend might change soon, as suggested by Lookonchain’s tweet.
PEPE witnesses a sell off
Lookonchain’s 15 June tweet revealed that a possible inside trader sold all 972.84 billion PEPE for 514 Ether [ETH], worth $848,000 at a selling price of $0.0000008718. The same trader had earlier bought over 2 trillion PEPE with $58 a few minutes after the meme coin went live for trading.
Address 0x1497 sold all 972.84B $PEPE for 514 $ETH ($848K) ~2 hrs ago, the selling price was $0.0000008718.
This guy might be an inside trader.
He received 0.58 $ETH from #FixedFloat and spent 0.027 $ETH ($58) to buy 2.27T $PEPE within 10 minutes of $PEPE starting trading. pic.twitter.com/QflquoJu0l
— Lookonchain (@lookonchain) June 15, 2023
Is a price drop likely to happen?
Though the sell-off seemed bearish, a price decline in the short term was not likely. A look at PEPE’s 4-hour chart revealed quite a few bullish metrics. For example, the meme coin’s Relative Strength Index (RSI) registered an uptick, as did its Chaikin Money Flow (CMF).
Additionally, the MACD displayed a bullish crossover. Nonetheless, the Exponential Moving Average (REMA) Ribbon was bearish, which could be a cause for concern.
Source: TradingView
Investors are buying PEPE
PEPE’s supply distribution also looked bullish, as it suggested that the coin was under buying pressure. As per Santiment’s chart, the meme coin’s supply held by top addresses registered an uptick over the last week, indicating that the top players were actually buying the token.
Additionally, PEPE’s supply on exchanges declined while its supply outside of exchanges increased. This bull signal is evidence of the possibility of a continued price uptrend.
Source: Santiment
How much are 1,10,100 PEPEs worth today?
What the metrics suggest
Though PEPE’s supply distribution looked bullish, its daily active addresses declined last week. Not only that, but its network growth also sank. A decline in the metric suggests that fewer new addresses were created to transfer the mimicking.
Negative sentiment around the meme coin was dominant in the market, as evident from the dip in weighted sentiment, which, too, looked concerning.
Source: Santiment
