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PEPE manages to flip ARB in terms of market cap as price of the memecoin surged.
Social activity around PEPE fell, sentiment remained high.
As an experienced analyst, I’ve closely observed the memecoin market during Bitcoin’s recent price correction. PEPE, one of the top memecoins, managed to outperform ARB in terms of market cap despite the overall bearish trend. However, this wasn’t an easy feat for PEPE.
The sudden drop in Bitcoin‘s [BTC] value triggered a ripple effect, resulting in price adjustments for numerous other currencies. The meme coin market experienced similar downward pressure, leading to significant price decreases.
PEPE to the moon?
PEPE (PEPE), among the memecoins, achieved growth during this timeframe. Notably, PEPE ranked third amongst its peers in market capitalization and surpassed ARB’s current standing.
PEPE faced considerable challenges over the past few months starting around March 14th. The price began to decline following its test at the $0.000001082 mark.
As a crypto investor, I’ve noticed that PEPE kept forming lower highs and lower lows without any indication of reversal for an extended period. However, on the 23rd of April, something shifted – PEPE tested the $0.000000793 level and managed to break this bearish trend by forming a new higher low.
Despite the fact that the price has failed to surpass this mark in recent days, a positive outlook and building momentum could potentially lead to gains for the memecoin in the short term.
At the time of composing this text, PEPE‘s indicators didn’t show a favorable outlook. Specifically, the Chaikin Money Flow (CMF) experienced a decline in recent days.
The amount of money entering the token decreased noticeably, as evidenced by a dwindling CMF (Moving Average Convergence Divergence). Furthermore, the RSI (Relative Strength Index) followed suit, suggesting a substantial weakening in bullish sentiment surrounding the memecoin.
Based on current trends, PEPE may hold a stable position around its present value for a while before potentially revisiting the $0.000000793 mark in the future. The token is currently priced at $0.000006847 and experienced a 6% increase over the past day.
During this timeframe, the trading volume for PEPE significantly increased by 38%.
As a researcher studying market trends, I’ve noticed a significant increase in prices within the last day. Consequently, approximately $3.09 million in short positions have been forced to be closed due to this price surge.
Social data
As a researcher studying PEPE‘s market behavior, I’ve observed that despite its price surge resulting in losses for bears, a significant portion of its price fluctuations can be attributed to social volume.
Read Pepe’s [PEPE] Price Prediction 2024-25
Based on the findings from AMBCrypto’s examination of Santiment’s data, there has been a noticeable decrease in social activity or buzz around the topic during the past few days.
As a crypto investor, I’ve noticed that despite the decrease in chatter about PEPE, the overall sentiment towards the token remains optimistic based on the tone and context of the conversations taking place.
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2024-05-02 14:15