Pepe’s [PEPE] chart turns red – is the memecoin hype coining to an end?

• The memecoin’s price declined by over 9% in the last 24 hours.
• Market indicators were bearish, suggesting a continued price decline. 

Pepe [PEPE], the most trending memecoin in the recent past, saw its daily chart turn red after days. According to CoinMarketCap, PEPE’s price declined by over 10% in the last 24 hours. At the time of writing, it was trading at $0.000002557, with a market capitalization of just over $1 billion. Is this an end to the memecoin hype led by Pepe?

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

Whale activity soared 

While the memecoin’s price was pumping, several whales accumulated substantial amounts of PEPE. For instance, as per Lookonchain, A whale bought 962.3 billion PEPE, worth $2.46 million at press time, with 70 WBTC and 470 ETH in the past two days, with an average buying price of $0.000003122.

A whale bought 962.3B $PEPE($2.46M currently) with 70 $WBTC ($2.07M) and 470 $ETH ($937K) in the past 2 days, with an average buying price of $0.000003122.

He has lost ~$541K at the current price!https://t.co/GDBdXcVyGt pic.twitter.com/7s1Ns90OOc

— Lookonchain (@lookonchain) May 7, 2023

During that time, PEPE’s performance on the social front was also commendable. Santiment’s chart revealed that PEPE’s social volume was substantially high. Considering the spike in weighted sentiments, it was likely that most of the memecoin’s mentions were bullish. 

Source: Santiment

The aftermath of PEPE’s price decline

However, the whales might have changed their minds during the price decline. Santiment’s chart pointed out that whale transaction counts increased during that period, suggesting increased whale sales. PEPE’s supply on exchanges increased considerably over the last 24 hours.

This was accompanied by a decline in supply outside of exchanges, further proving that the memecoin was under selling pressure. However, a slight relief was that the memecoin’s trading volume declined while its price went down.

Source: Santiment

The market has turned bearish on PEPE

A look at PEPE’s four-hour chart suggested that the sellers were ahead of the buyers. The memecoin’s Relative Strength Index (RSI) registered a decline and was heading towards the neutral mark of zero. Its Money Flow Index (MFI) also followed the same trend as it registered a decline.

Source: TradingView

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

The Bollinger Bands revealed that PEPE’s price was entering a less volatile zone, which minimizes the chances of a sudden northbound breakout in the near term. 

DOGE and SHIB are also struggling 

While PEPE’s price declined, other top memecoins, such as Dogecoin [DOGE] and Shiba Inu [SHIB] also continued to suffer. Both of their prices registered 24-hour declines of 1.4% and 3.6%, respectively. At press time, DOGE was trading at $0.07705 while SHIB was valued at $0.000009414.