The Pepe [PEPE] meme coin made a significant impact on the cryptocurrency community, attracting a wave of investors. However, recent trends have shown a downward trajectory for the token, with indications that it has not yet reached its lowest point.
According to data from Santiment, which tracks social dominance and volume, PEPE has continued to generate activity. On May 5th, the coin experienced a remarkable surge in social dominance and volume, reaching an all-time high. However, since then, there has been a decline.
Currently, the social volume stands at 65, significantly lower than the peak of 863 on May 5th. Additionally, the social dominance score has dropped from 12% of cryptocurrency discussions to 3.3%. These metrics suggest that the meme coin is still attracting attention despite its price decline, indicating that the bottom has not yet been reached.
How to identify a dip in the market
The token has witnessed varying fluctuations in its Market Value to Realized Value (MVRV) ratio valuation since its inception. As of the present moment, based on Santiment's 30-day MVRV data, the ratio stands at approximately -6%. This marks a significant departure from its previous prolonged period in the overvalued range.
