- Buying pressure was dominant in the market for PEPE.
- Market indicators suggested a continued price uptick.
A few days ago, the memecoin pack decoupled from the rest of the market as their values went up. But the trend changed soon as top memecoins like Dogecoin [DOGE] and Shiba Inu [SHIB] struggled. However, amidst this, whales showed interest in Pepe [PEPE] by increasing accumulation. Was it an indication of an upcoming bull rally for PEPE?
Realistic or not, here’s PEPE market cap in BTC‘s terms
PEPE is winning the memecoin race
Santiment pointed out in a recent tweet that the performance of top cryptos like Bitcoin [BTC] remained flat, while memecoins like PEPE and a few other outliers enjoyed a surge.
? As #Bitcoin's price performance remains flat at $29.6K, #memecoins like $PEPE (+17%, 7d) and a few other outliers are have enjoyed market cap rises. But as this distribution market cycle continues, there is a theme of #crypto assets outside the top 20 that are declining. pic.twitter.com/th0AAypo5t
— Santiment (@santimentfeed) August 13, 2023
As per CoinMarketCap, the memecoin’s price shot up by more than 15% in the last seven days. At press time, it was trading at $0.000001353 with a market cap of over $530 million. Interestingly, a few days ago, apart from PEPE, a few other coins like ApeCoin [APE], SHIB, and DOGE decoupled from the market.
During that period, those coins were either a week high against the price of Bitcoin or very close to surpassing it. However, it was only PEPE and ApeCoin that were able to sustain their rallies.
While this happened a SmartMoney made a move that hinted at a continued price rally. According to Lookonchain’s tweet, a SmartMoney who made $1.27 million on PEPE spent 100 ETH to buy 128 billion PEPE at $0.000001443. This suggested that smart money was confident in the memecoin and expected its value to rise in the coming days.
A SmartMoney who made $1.27M(678x) on #PEPE spent 100 $ETH($185K) to buy 128B $PEPE at $0.000001443 1 hour ago.
The SmartMoney spent 1 $ETH to buy 542B $PEPE on Apr 15 and sold for 679 $ETH($1.27M) in May.
Earned 678 $ETH ($1.27M), a gain of 678x.https://t.co/upvBgHCvtS pic.twitter.com/E9JThXHGkz
— Lookonchain (@lookonchain) August 13, 2023
Buying pressure is on the rise
A closer look at the memecoin’s metrics revealed that the buying sentiment was dominant in the market. This was evident from the spike in the coin’s exchange outflow.
Moreover, its supply on exchanges went down while its supply outside of exchanges increased, further establishing the fact that investors were buying the memecoin. However, it was surprising to see that while buying sentiment was high, PEPE’s supply held by top addresses declined over the last seven days.
Source: Santiment
How much are 1,10,100 PEPEs worth today
A look at the memecoin’s daily chart suggested that the possibility of a continued price uptick was likely. For instance, the memecoin’s MACD displayed a bullish upperhand in the market.
Its Chaikin Money Flow (CMF) gained upward momentum in the last few days. Additionally, PEPE’s Money Flow Index (MFI) also followed a similar rising trend, increasing the chances of a continued northbound price movement.
Source: TradingView
