PEPE Market Sees Red, What Next For The Memecoin?

The most recently trending memecoin, Pepe (PEPE), recorded losses in its daily chart after several sessions of gains. Based on CoinMarketCap data, the price of PEPE has plunged by over 11% in the past 24 hours. It was trading at $0.000002277 at the time of publication, with a market cap of around $870 million. Has the Pepe memecoin hype come to an abrupt end?

Many whales acquired considerable amounts of PEPE while the memecoin’s price was exploding. Based on Lookonchain, a whale bought 962.3 billion PEPE in the past two days, worth $2.46 million at press time, with 70 WBTC and 470 ETH at a $0.000003122 buying price on average.

PEPE’s recent performance on the social front was also highly commendable at the time. Based on Santiment’s graph, PEPE’s social volume was massively high. Given the surge in weighted sentiments, it was possible that most of the memecoin mentions were positive.

Nevertheless, the whales might have changed their minds as the prices dropped. Looking at Santiment’s chart, whale transaction counts surged in that period, indicating that there was an increased rate of whale sales. PEPE’s supply on crypto exchanges has grown considerably in the past 24 hours.

That was accompanied by a drop in supply away from crypto exchanges, showing that the memecoin was getting sold. Nevertheless, there was some notable relief in that the memecoin’s trading volume dropped while its price plunged.

Based on PEPE’s 4-hour chart, the sellers were ahead of the buyers. The memecoin relative strength index (RSI) dropped and was approaching the neutral zero level. Its Money Flow Index (MFI) also dropped, following a similar pattern.

The Bollinger Bands showed that the price of PEPE was entering a less volatile zone, minimizing the possibility of an abrupt northbound breakout in the short term. While PEPE’s price plummeted, other popular memecoins like Shiba Inu (SHIB) and Dogecoin (DOGE) also dropped. Their prices lost 3.6% and 1.4% in 24 hours respectively. SHIB was worth $0.000009414 while DOGE was worth $0.07705.