As the memecoin price surges, PEPE has successfully overthrown ARB in terms of market cap. Social activity around PEPE has declined, but sentiment remains high.
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Bitcoin’s recent price crash has led to a general correction in various currencies. The memecoin industry has also been affected, resulting in a significant drop in prices.
PEPE goes to the moon?
However, PEPE (PEPE) is one of the memecoins that has managed to see green during this period. According to the latest data, the third largest memecoin in terms of market capitalization has outperformed ARB.
However, PEPE has not had an easy journey in the past few months. Starting from March 14, after testing the $0.000001082 level, the price started to decline.
After this, PEPE continued to show multiple lower lows and lower highs, indicating a bearish trend. There were no signs of a reversal for quite some time until April 23, when it tested the $0.000000793 level and broke the cycle of lower highs and lower lows.
Although the price has failed to break above this level in the past few days, some bullish sentiment and momentum could help emoji coin see green in the near future.
However, at the time of writing, indicators do not support PEPE. CMF (Chaikin Money Flow) has fallen over the past few days.
The decline in CMF indicates a significant drop in the funds flowing into the coin. Moreover, the RSI (Relative Strength Index) has also declined, which means that the bullish momentum surrounding the memecoin has dropped significantly.
These factors suggest that PEPE may trade sideways for a while before retesting the $0.000000793 level in the future. At press time, the token is trading at $0.000006847, with its price up 6% in the past 24 hours.
In addition, PEPE's trading volume also surged 38% during this period.
As a result of the recent price surge, $3.09 million worth of short positions were liquidated in the past 24 hours.
Social Data
Even though PEPE’s price is surging and shorts are losing money, a large part of its price action will be determined by social volume.
AMBCrypto’s analysis of Santiment data shows that social volume has dropped significantly over the past few days.
However, the weighted sentiment around the token remains high. This suggests that despite the decline in the number of conversations around the PEP, the nature of the conversations is relatively positive.
