PEPE: This is why traders could avoid jumping the memecoin bandwagon
- Memecoin PEPE made to unarCrush’s listing of trending cryptocurrencies on the social entrance
- Nonetheless, PEPE’s value motion and on-chain exercise confirmed that the bears might strengthen their place within the coming days
Memecoin Pepe [PEPE] has managed to take over the cryptocurrency market by storm. The token has managed to dethrone some veterans within the memecoin group. However how lengthy until PEPE makes its solution to the cryptocurrencies that handle to assert the throne?
As per LunarCrush’s information, PEPE made its manner among the many prime three trending cryptocurrencies on all social dimensions. Though Bitcoin [BTC] held its #1 place, the memecoin managed to earn the #2 place. PEPE was adopted by Ethereum [ETH] which ranked #3 on the social entrance.
“It’s a must to let all of it go, Neo. Concern, doubt, and disbelief. Free your thoughts.”$PEPE retains pushing sturdy on all social dimensions at this time, rating simply behind #bitcoin, but on the similar time, above #ethereum.
“You are taking the blue… pic.twitter.com/Z7N2UncF0a
— LunarCrush (@LunarCrush) May 16, 2023
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Leaping round city
Regardless of its noteworthy efficiency on the social entrance, PEPE’s on-chain exercise had a barely totally different story to inform. At press time, though the full quantity of holders stood at its highest, PEPE’s quantity did take a success.
As per information from the intelligence platform, PEPE’s complete variety of holders stood at 113k. Nonetheless, its quantity decreased over the past 4 days to face at 322.04 million on the time of writing. A reducing quantity wasn’t precisely an incredible signal for the memecoin.
Moreover, the weighted sentiment too witnessed a decline because the starting of Could and stood at 0.984 on the time of writing. This too wasn’t an incredible signal for the frog-themed token.
Some drained frogs round right here?
Though PEPE made it to the listing of trending cryptocurrencies on CoinMarketCap and ranked #1, the press time situation didn’t favor the memecoin. PEPE’s seven-day efficiency didn’t paint a rosy situation for the memecoin. Moreover, as per the chart given under, PEPE’s Relative Power Index (RSI) confirmed lack of shopping for strain.
The RSI hovered under the impartial line and stood at 46.65 on the time of writing. Moreover, the Transferring Common Convergence Divergence (MACD) indicator additionally depicted a impartial image for PEPE. The sign line (pink) was operating above the MACD line (blue) on the time of writing.
Learn Pepe’s [PEPE] Worth Prediction 2023-2024
This indicated the shortage of great bullish or bearish strain for PEPE at press time.
Along with the aforementioned bearish narrative, information from Santiment additionally confirmed that as of 16 Could, PEPE’s provide on exchanges stood at 131.19T. An increase within the provide on exchanges might imply that buyers and merchants have been concerned with buying and selling their PEPE for different cryptocurrencies.
Contemplating the aforementioned situation, the query stays — Will PEPE see restoration or will the frog soar again into its pond? The reply to that might lie in PEPE’s seven-day efficiency because the memecoin exchanged fingers roughly 14% decrease within the final seven days to commerce at a press time value of $0.0000016771.