Pepe Chart (PEPE) Turns Red – Has the Memecoin Hype Ended?
Pepe (PEPE), memecoin’s latest trend, saw its daily chart turn red after a few days. According to CoinMarketCap, PEPE’s price has fallen by more than 10% in the last 24 hours. It is trading at $0.000002557 as of writing, with a market cap of slightly over $1 billion. Is this the end of Pepe’s memecoin hype?
Several whales collected significant amounts of PEPE while the price of memecoin skyrocketed. According to Lookonchain, a whale bought 962.3 billion PEPE in the last two days, worth $2.46 million at press time, with 70 WBTC and 470 ETH for an average buy price of $0.000003122.
PEPE’s performance in the social sector was also commendable at that time. Based on the Santiment chart, PEPE’s social volume is quite high. Given the weighted improvement in sentiment, the mention of memecoin is likely to be positive.
However, the whales may change their minds when prices fall. According to Santiment’s chart, the number of whale transactions increased during the period, implying an increase in sales of whales. The supply of PEPE on the exchange has increased significantly in the last 24 hours.
This is accompanied by a drop in off-exchange supply, indicating that memecoin is being sold. However, there is some relief as trading volume of memecoin decreases while the price drops.
According to PEPE’s four-hour chart, sellers are ahead of buyers. Memecoin Relative Strength Index (RSI) is falling and nearing neutral zero. The Money Flow Index (MFI) also declined, following the same pattern.
Bollinger Bands indicate that the PEPE price is entering a less volatile zone, reducing the chances of a sudden northward breakout in the near future. While the price of PEPE fell, other popular memecoins such as Dogecoin (DOGE) and Shiba Inu (SHIB) also fell. Their prices fell 1.4% and 3.6% respectively in 24 hours. DOGE was valued at $0.07705 at the time of publication, while SHIB was valued at $0.000009414.