Memecoins
Rise of PEPE: can holders expect significant profits in a growing social context?
- The price of PEPE has increased significantly in recent days.
- Social volume and sentiment around the token has increased.
Pepe [PEPE] has witnessed some challenges over the past month as the memecoin sector has started to become extremely crowded. However, in recent days, the tide has turned in favor of the PEPE.
The PEPE stands up
Over the past week, the price of PEPE has jumped 40%. At press time, PEPE was trading at $0.00001385.
Over the past month, PEPE price has posted several higher highs and higher lows, indicating an uptrend. PEPE price broke all resistance levels during this period and was targeting its all-time high of $0.00001535.
If it manages to jump 9.77% in the coming days, it will be able to surpass its previous all-time high.
However, PEPE’s CMF (Chaikin Money Flow) collapsed. This indicates that the money flowing into the PEPE has decreased significantly.
Additionally, the RSI (Relative Strength Index) of PEPE has also started to decline, implying that the bullish momentum around PEPE has started to decline.
If the bearish pressure on PEPE starts to increase, the price could return to between $0.00001149 and $0.00000898 in the future.
Source: Commercial View
Much of memecoin’s price trajectory is determined by its popularity on social media platforms.
AMBCrypto’s analysis of Santiment data revealed that social volume around PEPE had increased, indicating that PEPE’s popularity had increased significantly over the past few days.
Moreover, the weighted sentiment towards PEPE also increased significantly, implying that the number of positive comments around PEPE exceeded that of negative comments.
If PEPE’s popularity continues to rise, the memecoin may be able to maintain its current price momentum.
Source: Santiment
New addresses are moving in
Along with this, PEPE also saw a massive increase in speed, which implied that the frequency with which PEPE was traded had increased significantly.
However, with this, the growth of the PEPE network has declined.
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The decline in network growth indicates that the number of new addresses interested in PEPE has decreased significantly.
If new addresses continue to lose interest in PEPE, its recent rally could be negatively affected.
Source: Santiment