Memecoins
The PEPE Relaunch – Everything That Helped Memecoin in May
- The renewed interest in PEPE has led to an increase in its market capitalization
- Memecoin’s popularity on social media has also remained relatively high
PEPPER holders had started to lose hope towards the beginning of the year, especially after other memecoins had risen dramatically. This, while PEPE itself has fallen in the charts.
Increasing market capitalization
Because of this, PEPE started to lose market capitalization and other memecoins like WIF took its place. However, interest in PEPE has increased again, causing its market capitalization to rise. In fact, at the time of writing this article, the market capitalization of this memecoin was almost double that of WIF.
Source: X
Despite the increase in market capitalization and interest, the last 24 hours have not been good for PEPE. At the time of writing, PEPE was trading at $0.0000145, after a decline of 5.76%. Despite this, however, the overall outlook for the altcoin has remained positive.
In fact, since May 15th, the price of memecoin has followed an upward trajectory. During this period, the price of PEPE showed several higher highs and higher lows on the charts, indicative of an uptrend.
The RSI (Relative Strength Index) for PEPE also fell to 43.75, implying a decline in bullish momentum across the market. Furthermore, the CMF (Chaikin Money Flow) for PEPE fell to -0.09 – a sign of capital outflows.
That said, it would take significant selling pressure to push the memecoin price down and reverse the bullish trend around the altcoin.
Source: Commercial View
A look at social data
Social activity around memecoin will play an important role in determining the future of the token’s price. Analysis of Santiment data by AMBCrypto revealed that PEPE social volume has increased significantly in recent weeks. This increased popularity can help memecoin sustain its momentum for its rally.
However, there are some issues that PEPE may face due to the overall sentiment around the token. As of this writing, weighted sentiment has gone from extremely high to extremely low in a matter of days. For context, weighted sentiment is the measure of the ratio of positive to negative comments.
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Fluctuating weighted sentiment implied that there was no coherent narrative about PEPE across social media platforms. It has been observed that the temperament of netizens changes from bullish to bearish within a matter of days. This could be a sign of volatility on PEPE charts in the near future.
Source: Santimento