PEPE tops weekly search charts: Is a potential pivot on the horizon?
- PEPE comes in as the top most searched coin this week.
- PEPE oversold once again but can the bulls pull off a pivot from its current level?
Memecoin enthusiasts might want to look into PEPE now that the market’s recent bullish attempt failed. In the last few months, we observed that interest in memecoins grew every time the market experienced a low volatility phase.
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Why PEPE? Well, it has somehow managed to be the memecoin with the highest social volume every time market volatility flatlined. The market, at press time, was experiencing a similar situation now that Bitcoin and altcoins have reverted to the bottom range.
Interestingly, Kucoin just revealed that PEPE ranked highest in the list of top coins by weekly search.
Top 5 Coins by Weekly Search Popularity on #KuCoin (September 1, 2023)
— KuCoin (@kucoincom) September 1, 2023
The above finding warranted an investigation into whether PEPE might actually make a splash. Here are some observations that might shed some light on the matter.
The supply of PEPE held by top addresses has been growing since mid-August. Meanwhile, its weighted sentiment bottomed out on 25 August and managed to bounce back to a new high on 30 August.
Will PEPE bulls get a chance to rally?
PEPE maintained a bearish performance despite the above outcome and recently fell to a four-month low. However, this bearish performance resulted in the memecoin being oversold.
This means there stood a chance that PEPE bulls might secure dominance. This aligned with the fact that it was the most searched coin and also with the previously mentioned metrics.
So, should PEPE traders expect a rally? The fact that top addresses were accumulating was a good sign for the bulls. However, it does not confirm that the coin will rally.
Furthermore, we previously highlighted the speculative nature behind the memecoin, as well as the lack of a special use case to support it. However, one could argue that memecoins like Shiba Inu and Dogecoin had similar beginnings.
The next few days and weeks will be critical for PEPE because they will determine if the memecoin can still command healthy demand. This is particularly important because PEPE, at press time, was still heavily centralized.
Over 96% of its circulating supply was held by whales. Hence, these whales have the power to crash the memecoin’s price action in the event of dumping.
Read about PEPE’s price prediction for 2024
The prevailing demand has so far not been enough to support a pivot. However, it now has a chance at securing new bullish volumes, but it remains to be seen if it can still pull heavy demand from the retail segment.