- PEPE manages to overtake ARB in terms of market capitalization as the memecoin price increased.
- Social activity around PEPE fell, but sentiment remained high.
Bitcoin [BTC] The recent price decline caused widespread corrections in several currencies. The memecoin sector was also affected by the same, causing massive price drops.
PEPE to the moon?
However, PEPE [PEPE] It was one of the memecoins that managed to see green during this period. According to new data, the third largest memecoin managed to surpass ARB in terms of market capitalization.
However, PEPE’s path in recent months has not been easy. Starting on March 14, after testing the $0.000001082 level, the price began to fall.
PEPE continued to show multiple lower lows and lower highs after this, indicating a bearish trend. There were no signs of a reversal for quite some time, until April 23, when it tested the $0.000000793 level and broke the cycle of lower highs and lower lows.
Although the price has not been able to break above this level in recent days, some bullish sentiment and momentum may help memecoin look green in the near future.
However, the indicators were not on PEPE’s side at the time of writing this article. The CMF (Chaikin Money Flow) fell in the last few days.
A downward CMF indicated that the money flowing into the token fell significantly. Additionally, the RSI (Relative Strength Index) also declined, implying that the bullish momentum around the memecoin diminished materially.
These factors indicate that PEPE could move sideways for some time before retesting the $0.000000793 level in the future. At press time, the token was trading at $0.000006847 and its price rose 6% in the last 24 hours.
Along with this, PEPE trading volume also increased by 38% during this period.
Due to this recent price increase, short positions worth $3.09 million were liquidated in the last 24 hours.
Social data
Although the price of PEPE rose and the bears were suffering losses, a large part of its price movement would be dictated by social volume.
Read pepe [PEPE] Price prediction 2024-25
AMBCrypto’s analysis of Santiment data revealed that social volume decreased significantly in recent days.
However, the weighted sentiment around the token remained high. This suggested that, although the number of conversations around PEPE had decreased, the nature of the conversations was relatively positive.
Next: Ethereum falls, but demand rises: What is driving investors to ETH?
This is an automatic translation of our English version.
