Pepecoin has surged in popularity within the cryptocurrency market, surpassing established veterans in the meme coin community. However, whether Pepecoin will continue its pumps?
Pepecoin Ranks High on Social Media
According to data from LunarCrush, Pepecoin has gained significant traction on all social dimensions, placing it among the top three trending cryptocurrencies. While Bitcoin maintains its leading position, PEPE has secured the second spot, surpassing Ethereum, which ranks third in social engagement.
On-Chain Data Performance
Despite its success on social media, PEPE’s on-chain activity presents a different story. Although the total number of holders has reached its peak at 113k, PEPE’s trading volume has experienced a decline over the past four days, currently standing at 322.04 million.
Declining Sentiment and Lack of Buying Pressure
The weighted sentiment surrounding PEPE has also decreased since the beginning of May, indicating a waning positive sentiment towards the meme coin. Additionally, PEPE’s Relative Strength Index (RSI) sits below the neutral line at 46.65, suggesting a lack of significant buying pressure. The Moving Average Convergence Divergence (MACD) indicator also reflects a neutral outlook for PEPE, with the signal line (red) above the MACD line (blue) at present.
Rise in Supply on Exchanges
Data from Santiment reveals that as of May 16, PEPE’s supply on exchanges amounts to 131.19T. An increase in supply on exchanges suggests a growing interest among investors and traders in exchanging PEPE for other cryptocurrencies.
The Future of PEPE
Considering the current scenario, the question arises: Will PEPE experience a recovery or retreat to its previous state? The answer may lie in PEPE’s seven-day performance, as the meme coin has witnessed a 14% decrease in value over this period. At the time of writing, PEPE is trading at approximately $0.0000016771.
Conclusion
Memecoin Pepe has gained significant attention in the cryptocurrency market, ranking high on social dimensions. However, its on-chain activity and sentiment have shown signs of decline. The future of PEPE remains uncertain, and its performance in the coming days will determine whether it can regain its momentum or retreat from the spotlight. Traders and investors will be closely watching to see if the frog-themed token can leap into prominence or remain in the pond’s depths.
