Pepe reawakened enthusiasm in the market, especially in the memecoin space. Since its release a few weeks ago, it has generated enough hype to be everywhere. On May 10, Messari posted the line tweet Highlights PEPE’s journey that has amazed many over the years.
Analysis of the course of PEPE
Launched three weeks ago on April 14, PEPE has surpassed 100,000 on-chain holdings. Pepe’s story is even more remarkable than the past developments of other rapidly expanding ethereum coins.
This is also evident when looking at Santiment’s chart, which shows a surge in the number of PEPE holders.
Additionally, Messari’s tweet suggests that the token is showing a growth pattern similar to that of Shiba Inu (SHIB), but at a much faster rate in terms of average value per holder. This is commendable, as PEPE has emerged as a leading candidate among memecoins.
to grow never happened
Due to the hype this memecoin has generated, it is still #1 on CoinMarketCap at press time. Just in the past few weeks, PEPE has grown into triple digits.
At the time of writing, PEPE price is up more than 50% in the past 7 days, trading at $0.00001776 with a market cap of over $760 million.
femalegoodbye beautiful Is it almost over?
The growth momentum of PEPE has slowed down significantly in the past few days. Prices are down more than 10% in the past 24 hours.
For example, there has been an increase in supply on exchanges recently. This is accompanied by a reduction in off-exchange supply, a typically bearish sign.
Additionally, whale trading has increased, suggesting that large companies are selling assets for profit.
PEPE lovers should proceed with caution
A look at the rest of the numbers reveals something even more worrisome. PEPE’s network growth and daily active addresses decrease. This proved to be less active and reduced the number of new addresses generated each day.
The trading volume of memecoins has also decreased, indicating a low willingness to trade among investors. In addition, the week-to-week price volatility is also reduced, reducing the likelihood of a sudden uptrend.
Bear in power?
According to the exponential moving average (EMA), the bears are showing off as the gap between the 20-day and 55-day EMA narrows.
PEPE’s Money Flow Index (MFI) and Chaikin Money Flow (CMF) both fell, raising downside risks in the days ahead.
source: Transaction View
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According to AMBCrypto