The market is buzzing once more, particularly in the memecoin sphere, thanks to Pepe [PEPE]. It has generated enough buzz since its launch a few weeks ago to make everyone familiar with the token. On May 10, Messari tweeted about PEPE’s journey, which has amazed many people over the years.
The on-chain holdings of PEPE, which went online a little more than three weeks ago on April 14, have topped 100,000. Pepe’s journey was more amazing when contrasted to the earlier rise of other quickly growing Ethereum-based currencies. Looking at Santiment’s chart, which showed a significant increase in PEPE holdings, further demonstrated this.
Additionally, Messari’s tweet noted that the token was growing at a faster rate in terms of average value per holder than Shiba Inu [SHIB] while yet showing a comparable growth pattern. This is admirable since it elevates PEPE to the top of the memecoins.
Memecoin was still trending at the top of CoinMarketCap at the time of publication because of the enthusiasm it generated. Over the past few weeks, the coin has grown by a factor of three. At the time of writing, the price of PEPE had risen almost 85% in the previous seven days. At $0.000001941 and with a market capitalization of more than $760 million, memecoin was in active trade.
Over the past few days, PEPE’s growth pace has stalled. In the previous 24 hours, the price of memecoins only rose by more than 3%. For instance, there has recently been an increase in the quantity of memecoin on exchanges. A traditional bear signal, such as a reduction in supply outside of exchanges, was present at the same time.
Whale transactions also soared while the crossover occurred, indicating that the powerful were likely selling their assets for a profit. The remaining numbers were likewise alarming when examined. The daily active addresses and network growth for PEPE both showed a drop. This suggested reduced activity and a decline in the daily creation of new addresses.
The volume of the memecoin also decreased, indicating that fewer investors were eager to trade the currency. Additionally, its one-week price volatility dropped as well, reducing the likelihood of an unexpected upswing.
The bears were bracing themselves, according to the Exponential Moving Average (EMA) Ribbon, as the gap between the 20-day and 55-day EMAs was closing. The Chaikin Money Flow (CMF) and PEPE’s Money Flow Index (MFI) both showed declines, which raised the likelihood that prices would fall during the next few days.
