Memecoin Pepe (PEPE) has taken the crypto community by storm recently, attracting wave after wave of investors. However, the trend appears to be weakening.
According to social dominance rate and word volume data mood, PEPE continues to be active. On May 5, the token’s trading volume and social dominance increased significantly, reaching new all-time highs. However, the numbers have since declined.
At the time of writing, social volume is 65, significantly lower than 5/5’s peak of 863. Additionally, the social dominance score dropped to 3.3 percent from 12 percent in a discussion in the crypto space on May 5. These numbers show that PEPE is still in the spotlight despite the sharp price drop.
Prices and market caps tend to drop significantly
According to data from CoinMarketCap, the value of PEPE has fallen sharply, down about 35% in the past seven days. However, the price has rebounded 54% in the past 24 hours.
Additionally, transaction volumes are much lower. 24-hour trading volume fell to about $1.1 billion from more than $2 billion on May 5. Despite these declines, year-to-date figures show an increase of more than 2,000% since the coin’s inception.
Additionally, it reached a peak market capitalization of over $1.6 billion on May 5 with a trading volume of over $1.72 billion. Currently, the market capitalization has dropped to around $762 million.
fell to the undervalued zone
During its short lifespan, PEPE has experienced many fluctuations in its market and real value (MVRV). As of this writing, the 30-day MVRV is around -6%, a notable change from the long-term trend in the overvalued region.
Elon Musk’s new meme tweet pushes PEPE up 54%, whales buy trillions of PEPE
Twitter boss Elon Musk shared the Pepe the Frog meme (the icon for the most recent PEPE coin) with his followers.
explain constitutional amendments pic.twitter.com/oYkMPBe9Zi
— Elon Musk (@elonmusk) May 13, 2023
The crypto community responded by submitting pictures of PEPE in comment threads.
PEPE is now up 54.7 percent following Musk’s tweet, according to CoinMarketCap.
Pepe’s official twitter account is also quote Elon Musk’s tweet commented “Let’s catch the production meme”.
Currently, while PEPE has increased by 54% in the past 24 hours, it is still 55% below its all-time peak reached on May 5.
Recently, crypto enthusiast David Gokhshtein hypothesized that Elon Musk was blocking tweets about PEPE. The reason is that Gokhshtein received many messages saying that these tweets were not available.
Already have an OnchainDataNerd account share Three “smart traders” bought a large PEPE in the past 24 hours.
The 0xa20 wallet bought 350 trillion PEPE worth $500,000 today. The wallet was one of the first buyers and made a profit of $1,200,000 on May 5 when PEPE reached its all-time high.
Wallet 0xed6 collected 185 trillion PEPE on Uniswap DEX, and also sold at the top on the day it reached ATH, making a profit of $1,000,000.
Wallet 0x24e (norya.eth) purchased 660 trillion Pepes. Before that, he made $1.7 million trading the memecoin.
Another memecoin surges thanks to Musk’s tweet
As reported earlier this week, Elon Musk tweeted out a meme allegedly related to Milady Meme Coin (LADYS). After that tweet, the price of the newly launched token jumped to 12,056%.
Oddly enough, a whale purchased a staggering 8 trillion LADYS an hour before Musk’s purported LADYS-related tweet, according to Lookonchain’s “Smart Money” tracker.
Musk remains one of the most influential people in the crypto community, with his tweets regularly driving up prices. On Friday, LADYS was listed on the main Crypto.com exchange.
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According to Kyptos