Memecoins
PEPE’s surge: can owners expect big profits in a context of growing social interest?
- PEPE has seen a notable increase in price in recent days.
- Social volume and sentiment around the token has grown.
Pepper [PEPE] we have seen some challenges over the last month as the memecoin industry has started to get extremely crowded. However, in recent days, the situation has changed in PEPE’s favor.
PEPE stands up
In the past week the price of PEPE has increased by 40%. At the time of writing, PEPE was trading at $0.00001385.
Over the past month, PEPE price has shown several rising highs and lows, indicative of an uptrend. During this period, PEPE price broke through all resistance levels and was aiming for the previously reached all-time high of $0.00001535.
If it manages to rise 9.77% in the next few days, it will be able to surpass its previous all-time high.
PEPE’s CMF (Chaikin Money Flow), however, had collapsed. This indicates that money flowing into PEPE has decreased significantly.
Furthermore, the RSI (Relative Strength Index) for PEPE has also started to decline, implying that the bullish momentum around PEPE has started to wane.
If the bearish pressure on PEPE starts to increase, the price could trade between the $0.00001149 and $0.00000898 levels again in the future.
Source: Commercial View
Much of memecoin’s price trajectory is driven by its popularity on social media platforms.
AMBCrypto’s analysis of Santiment data revealed that the social volume around PEPE has increased, indicating that PEPE’s popularity has grown significantly in recent days.
Furthermore, the weighted sentiment for PEPE also saw a significant surge, implying that the number of positive comments on PEPE outweighed the negative ones.
If PEPE’s popularity continues to increase, the memecoin may be able to sustain its current price momentum in the future.
Source: Santimento
New addresses are transferred
Along with that, PEPE also experienced a massive increase in velocity, implying that the frequency with which PEPE was traded had grown significantly.
However, the growth of the PEPE network has declined.
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Declining network growth indicated that the number of new addresses affected by PEPE had decreased significantly.
If new addresses continue to lose interest in PEPE, its recent rally could have a negative impact.
Source: Santimento