Pepe [PEPE], the most recently trending memecoin, saw its daily chart turn red after a few days. According to CoinMarketCap, the price of PEPE has dropped by more than 10% in the last 24 hours. It was trading at $0.000002557 when writing, with a market capitalization of slightly more than $1 billion. Is this the end of Pepe’s memecoin hype?
Several whales amassed significant amounts of PEPE while the memecoin’s price was skyrocketing. According to Lookonchain, a whale purchased 962.3 billion PEPE in the last two days, worth $2.46 million at press time, with 70 WBTC and 470 ETH at an average buying price of $0.000003122.
PEPE’s performance on the social front was also commendable at the time. According to Santiment’s graph, PEPE’s social volume was quite high. Given the increase in weighted sentiments, it was likely that the majority of memecoin mentions were positive.
However, the whales may have changed their minds as prices fell. According to Santiment’s chart, whale transaction counts increased during that period, implying increased whale sales. PEPE’s supply on exchanges has increased significantly in the last 24 hours.
This was accompanied by a decrease in supply outside of exchanges, demonstrating that the memecoin was being sold. However, there was some relief in that the memecoin’s trading volume decreased while its price fell.
According to PEPE’s four-hour chart, the sellers were ahead of the buyers. The memecoin Relative Strength Index (RSI) fell and was approaching the neutral zero level. Its Money Flow Index (MFI) also declined, following the same pattern.
The Bollinger Bands indicated that the price of PEPE was entering a less volatile zone, reducing the likelihood of a sudden northbound breakout in the near term. 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% in 24 hours, respectively. DOGE was worth $0.07705 at the time of publication, while SHIB was worth $0.000009414.
