- PEPE has overtaken ARB in terms of market capitalization as memecoin prices soar.
- Social activity surrounding PEPE decreased, but sentiment remained high.
Bitcoin (BTC)’s recent price plunge has led to a general correction across various currencies. The Memecoin sector was equally affected, resulting in massive price declines.
PEPE to the moon?
However, PEPE (PEPE) was one of the memecoins to see green during this period. New data shows that the third-largest memecoin has outperformed ARB in terms of market capitalization.
Source: CoinMarketCap
But PEPE’s journey over the past few months has not been easy. The price started falling on March 14 after testing the $0.000001082 level.
PEPE continued its bearish trend with several lower lows and lower highs. 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 lows and lows.
Despite the price failing to break above this level over the past few days, some bullish sentiment and momentum could help memecoin see the green in the near future.
However, at the time of writing, the indicators were not on the PEPE side. Chaikin Money Flow (CMF) has been falling over the past few days.
A decrease in CMF indicates a significant decrease in funds flowing into the token. Additionally, the Relative Strength Index (RSI) has also decreased, meaning that the bullish momentum surrounding Memcoin has decreased significantly.
These factors suggest that PEPE may move sideways for some time before retesting the $0.000000793 level in the future. At press time, the token was trading at $0.000006847, with the price rising 6% in the last 24 hours.
Additionally, PEPE trading volume surged by 38% during this period.
Source: Trading View
The recent price surge resulted in the liquidation of $3.09 million worth of short positions in the last 24 hours.
Source: Coinglass
social data
Although the price of PEPE has surged and bears have suffered losses, much of the price movement is driven by social volume.
Read Pepe (PEPE) price forecast for 2024-25
AMBCrypto’s analysis of Santiment’s data shows a significant decline in social volume over the past few days.
However, the weighted sentiment surrounding the token remained high. This suggests that despite the decline in the number of conversations centered around PEPE, the nature of the conversations is relatively positive.
Source: Santiment