The memecoin price decreased more than 9% in the last 24 hours. Market indicators were bearish, suggesting a continued fall in prices.
Pepe [PEPE], the most trending memecoin recently, saw its daily chart turn red after days. According to CoinMarketCap, the PEPE price fell more than 10% in the last 24 hours. PEPE was trading at $0.000002557, with a market capitalization of just over $1 billion. Is this the end of the memecoin hype led by Pepe?
It is worth noting that the Pepe cryptocurrency, launched in mid-April, saw its value rapidly skyrocketing. Unlike many meme cryptocurrencies that have come and gone, this cryptocurrency has gained headlines, value, and popularity. Many early investors have made great profits on their investments.
Whale Activity Soared
As the memecoin price rose, several whales accumulated substantial amounts of PEPE. For example, according to a tweet by Lookonchain, “a whale bought 962.3B $PEPE ($2.46M currently) with 70 $WBTC ($2.07M) and 470 $ETH ($937K) in the past 2 days, with an average buying price of $0.000003122. He has lost ~$541K at the current price!”
During that time, PEPE’s performance on the social front was also commendable. The Santiment chart revealed that PEPE’s social volume was substantially high. Considering the rise in weighted sentiment, it was likely that most mentions of the memecoin were bullish.
The aftermath of the Fall in PEPE Prices
The whales might have changed their minds during the price drop. Santiment’s chart noted that whale transaction counts increased during that period, suggesting increased whale sales. The exchanges offer increased considerably in the last 24 hours. This came with a decline in supply outside of exchanges, further proving that the memecoin was under selling pressure. However, a slight relief was that the memecoin’s trading volume decreased while its price fell.
The Market Has Turned Bearish for PEPE
A look at the four-hour PEPE chart suggested that the sellers were ahead of the buyers. The relative strength index (RSI) of the memecoin registered a decline, and it was heading towards the neutral mark of zero. Its money flow index (MFI) also followed the same trend, recording a decline.
The Bollinger Bands revealed that the PEPE price was entering a less volatile zone, which minimizes the chances of a sudden break north anytime soon.
DOGE and SHIB Also Fighting
While the PEPE price declined, other top memecoins such as Dogecoin [DOGE] and Shiba Inu [SHIB] continued to suffer as well. Both prices registered falls in 24 hours of 1.4% and 3.6%, respectively. DOGE was trading at $0.07705, while SHIB was valued at $0.000009414.
The CryptoPredictions website claims that Pepe started in May 2023 at $0.000000064982481 and is expected to end the month at $0.000002295847673. During May, the maximum expected price of PEPE is $0.000004142666185, and the minimum is $0.000000064982481.
Meanwhile, the PEPE price for today (08.05.2023) is forecast to be in the price range of 0.000002156334401$ – 0.000003171080001$. The Pepe price is expected to end today at $0.000002536864001.
The PEPE price is expected to be located tomorrow (05.09.2023) in the price range between $0.00000228598934 and $0.00000336174903. Pepe is expected to start tomorrow at $0.000002689399224, and to end the day at $0.000002689399224.
By Audy Castaneda
