PEPE: What you need to know before you write off this memecoin

• PEPE posted double-digit gains in the last 24 hours.
• On-chain data revealed that sell-offs were still underway.

A few days ago, memecoin Pepe [PEPE] was on track to cross the $2 billion market capitalization mark. However, as investors “dumped” their PEPE tokens to take profit and closed their trading positions, the alt’s market capitalization declined to $700 million at press time.

Likewise, its price, which clinched an all-time high of $0.000004354 eight days ago, has since suffered a 62% decline. According to data from CoinMarketCap, PEPE exchanged hands at $0.000001637 at press time. 

How much are 1,10,100 PEPEs worth today?

The past 24 hours have been interesting

Trading at $0.000001637 as of this writing, PEPE’s price rallied by 35% in the past 24 hours. During that period, its trading volume also climbed by 11%.

Assessed on a daily chart, PEPE’s price movements put the buyers in control of the market at press time. For example, the Positive Directional Index (green) of the asset’s Directional Movement Index (DMI) indicator at 31.06 rested above the Negative Directional Index (red) at 17.21.

This indicated that PEPE accumulation outweighed selling in the last 24 hours despite increased token sell-offs in the days prior. 

Further, key momentum indicators, such as the Relative Strength Index (RSI) and Money Flow Index (MFI) were positioned above their respective neutral lines. PEPE’s RSI was spotted at 54.69, while its CMF was pegged at 0.12. This meant that PEPE saw an inflow of liquidity necessary for its continued price growth.

Source: PEPE/USDT on TradingView

In addition, the last 24 hours were marked by a surge in PEPE’s Open Interest, per data from Coinglass. At $64.86 million at press time, the alt’s Open Interest grew by 56% during that time. 

Source: Coinglass

PEPE’s on-chain activity

While the alt’s price might have performed considerably well in the past 24 hours, its on-chain performance still sent cautionary signals. For example, PEPE’s supply on exchanges continues to grow, showing that profit-taking has not slowed down. Conversely, its supply outside exchanges has fallen in the past few days.

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

In addition to this, PEPE’s profitability has fallen severely in the past few weeks. While the MVRV ratio remained positive, at 19.89%, and in a downtrend at press time, increased sell-offs would send the metric below 0, thereby putting bag holders at a loss. 

Source: Santiment

Lastly, as many expect the alt’s price to decline, market-moving whales have gradually let go of their PEPE holdings, per data from Santiment. 

Source: Santiment