During the past 24 hours, Pepe’s price has declined more than 10%. As a result of bearish market indicators, prices continue to fall.
In recent months, PEPE’s supply on exchanges has increased while its supply outside exchanges has decreased. Although social volume continued to rise, it remained high.
Compare PEPE with DOGE, SHIB, or any other Cryptocurrency to understand the trend.
Pepe [PEPE], the most popular meme coin, has turned red. PEPE’s price has fallen by over 10%, according to CoinMarketCap, in the past 24 hours. At the time of writing, a little over $1 billion worth of market capitalization was represented by $0.000002557. Pepe’s meme coin. Does hype come to an end?
The number of whales has increased dramatically
Several whales were accumulating PEPE while the meme coin’s price was rising. Among the purchases made by A Whale on Lookonchain, worth $2.46 million at press time, are 962.3 billion PEPE. Averaging $0.000003122 for each purchase, he bought 70 WBTC (Wrapped bitcoin) and 470 ETH over the past two days.
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!https://t.co/GDBdXcVyGt pic.twitter.com/7s1Ns90OOc
— Lookonchain (@lookonchain) May 7, 2023
As well as its social performance, PEPE’s performance on the ground was commendable at that time. Observations from the Sentiments chart showed PEPE’s social volume to be high. Memecoin mentions were likely to be bullish due to the spike in sentiment.
PEPE’s price decline’s consequences
The whales may have changed their minds due to the decline in prices. During that period, Santion’s chart revealed the number of whale transactions had increased, indicating more sales of whales. Over the last 24 hours, PEPE has seen a considerable increase in supply on exchanges.
Further evidence that meme coin was under selling pressure came from a decline in supply outside of exchanges. While the meme coin’s price fell, its trading volume declined.
How much does 1000 PEPE currently cost in USD?
PEPE is down in the market
According to PEPE’s four-hour chart, sellers were ahead of buyers. RSI (Relative Strength Index) for Memecoin declined to zero over the past few days. The bank’s Money Flow Index (MFI) also declined per the same trend.
As PEPE’s price entered a less volatile zone, Bollinger Bands indicated it was becoming less volatile. As a result, there is little chance of an unexpected breakout northward anytime soon.
Dogecoin (DOGE) and Shiba Inu (SHIB) struggle to remain stable
Which scenario will likely be determined in the next 24 hours? The unofficial Meme Coin season is led by PEPE, which has gained 980% in 12 days. A high of $0.00000148 was reached on May 1.
Here is PEPE’s price prediction.
Dogecoin [DOGE] and Shiba Inu [SHIB] were also affected by PEPE’s decline in price.
They declined by 1.4% and 3.6% over the past 24 hours. During this article, DOGE was valued at $0.000009414, while SHIB was valued at $0.07755.
Also Read: Can Dogecoin (DOGE) and Shiba Inu (SHIB) catch PEPE’s trend?