What’s behind PEPE’s sudden soaring popularity?
- PEPE’s demand in the crypto space registered an increase last week.
- Market indicators and a few metrics remained bullish.
Pepe [PEPE] recently witnessed a considerable surge in its social metrics. In fact, at press time, the memecoin was trending #1 on CoinMarketCap. Its popularity was also reflected in PEPE’s price chart, as its daily and weekly charts were painted green.
Realistic or not, here’s PEPE market cap in BTC’s terms
PEPE’s demand is on the rise
As per a LunarCrush tweet on 10 August, PEPE’s performance on the social front skyrocketed. As per the tweet, the memecoin’s social engagement increased by nearly 100%.
Its social dominance and social mentions also shot up by over 20% in just 24 hours. Additionally, a whale showed profound interest in the memecoin over the last few days.
— LunarCrush (@LunarCrush) August 10, 2023
According to Lookonchain’s data, a whale bought 486 billion PEPE worth $604k from Wintermute Trading. The whale has bought a total of 1.29 trillion PEPE, which was worth $1.1 million in the last three days. A look at PEPE’s metrics suggested that buying pressure was increasing.
It looks like this whale bought another 486B $PEPE ($604K) from Wintermute Trading 8 hrs ago.
— Lookonchain (@lookonchain) August 11, 2023
PEPE’s supply on exchanges declined while its supply outside of exchanges increased. Additionally, its exchange outflow also spiked quite a few times, reflecting its demand among investors. Whale activity around the coin was also high, as evident from its whale transaction counts.
PEPE’s popularity is reflecting on its price action
The foremost reason behind the memecoin’s popularity and demand in the crypto space is its bullish price action. As per CoinMarketCap, PEPE’s price went up by over 1.7% and 4% in the last 24 hours and past week, respectively.
At press time, it was trading at $0.000001254 with a market capitalization of more than $491 million.
Thanks to the price action, the memecoin’s MVRV Ratio improved considerably. Moreover, the coin’s network activity also increased, as its network growth and daily active addresses were relatively high.
How much are 1,10,100 PEPEs worth today?
However, PEPE’s trading volume was a concerning factor. Despite an uptick in price, its volume dropped by over 53% in the last 24 hours.
A check of the memecoin’s daily chart suggested a further price uptrend. The MACD displayed a bullish crossover. Moreover, the memecoin’s Chaikin Money Flow (CMF) both were climbing up, which is by and large a bullish signal.