Memecoin Pepe [PEPE] has swept the cryptocurrency market. The token has succeeded in dethroning some memecoin veterans. But how long before PEPE joins the ranks of the cryptocurrencies that succeed in claiming the throne?
According to LunarCrush data, PEPE is one of the top three trending cryptocurrencies across all social dimensions. Although Bitcoin [BTC] remained number one, the memecoin rose to number two. On the social front, PEPE was followed by Ethereum [ETH], which ranked third.
Despite its impressive social performance, PEPE’s on-chain activity told a slightly different story. Although the total number of holders was at an all-time high at the time of publication, PEPE’s volume had dropped. According to data from the intelligence platform, the total number of PEPE holders was 113k. However, over the last four days, its volume has decreased to 322.04 million at the time of writing. A drop in volume was not a good sign for the memecoin.
Furthermore, the weighted sentiment has fallen since the beginning of May, and it now stands at 0.984 at the time of writing. This was also not a good sign for the frog-themed token.
Although PEPE made it to CoinMarketCap’s list of trending cryptocurrencies and was ranked first, the press time scenario did not favor the memecoin. PEPE’s seven-day performance did not bode well for the memecoin. Furthermore, according to the chart below, PEPE’s Relative Strength Index (RSI) indicated a lack of buying pressure.
The RSI was hovering below the neutral line at 46.65 at the time of writing. Furthermore, the Moving Average Convergence Divergence (MACD) indicator painted a picture of neutrality for PEPE. At the time of writing, the signal line (red) was above the MACD line (blue).
This indicated no significant bullish or bearish pressure on PEPE at the time of publication.
In addition to the aforementioned bearish narrative, Santiment data showed that the supply of PEPE on exchanges was 131.19T as of 16 May. A rise in exchange supply could indicate that investors and traders were interested in exchanging their PEPE for other cryptocurrencies.
Given the scenario, the question remains: Will PEPE recover, or will the frog return to its pond? The answer could be found in PEPE’s seven-day performance, as the memecoin traded 14% lower in the last seven days to trade at a press time price of $0.0000016771.