Odds of Pepe bidding farewell to the top 100 crypto club
Journalist
Posted:
- PEPE’s whole variety of holders has declined barely of late.
- Most metrics and indicators have been bearish, however the MFT supported the bulls.
Pepe [PEPE] has been having a tough time holding its floor of late as its value continues to fall. If that was not sufficient, the most recent information revealed that traders have been promoting their PEPE holdings, which might add to the distress. With quickly declining market capitalization and immense promoting strain, the memecoin may quickly slip out of the record of the highest 100 cryptos by market cap.
Practical or not, right here’s PEPE’s market cap in BTC phrases
Promote strain on PEPE is rising
Lookonchain’s tweet from 11 September 2023 identified that a number of traders have been promoting their holdings. As per the tweet, three wallets modified their PEPE positions to PNDC. They bought a complete of 1.38 trillion PEPE for 600 ETH, value $965 thousand, and spent 600 ETH to purchase 487 billion PNDC.
We seen that 3 wallets modified their $PEPE positions to $PNDC in the present day.
They bought a complete of 1.38T $PEPE for 600 $ETH($965K) and spent 600 $ETH to purchase 487B $PNDC.
Deal with:https://t.co/tPT0P3KvOghttps://t.co/nKOS9H3tbGhttps://t.co/EzkRW2BuPt pic.twitter.com/f7rUHZY2jx
— Lookonchain (@lookonchain) September 11, 2023
A have a look at the memecoin’s on-chain metrics additional established the truth that shopping for strain on the coin was excessive, which is bearish. The memecoin’s provide on exchanges elevated sharply over the previous few days.
This occurred whereas its provide outdoors of exchanges dropped, proving a rise in promoting strain. PEPE’s change influx additionally spiked whereas its whole variety of holders dropped.
Supply: Santiment
PEPE’s community exercise additionally dropped off late and its day by day energetic addresses adopted an analogous declining pattern final week. The market’s confidence within the memecoin remained low too as evident from LunarCrush’s data. During the last seven days, bearish sentiment round PEPE has surged by 47%.
Supply: Santiment
That is what traders can count on
The rise in promoting strain prompted a large plunge within the memecoin’s value. As per CoinMarketCap, PEPE was down by greater than 13% within the final seven days. On the time of writing, it was buying and selling at $0.0000006992 with a market cap of $273 million, making it the 98th largest crypto.
The substantial drop within the memecoin’s market cap, coupled with promoting strain, steered that the memecoin may quickly exit the record of the highest 100 cryptos.
How a lot are 1,10,100 PEPEs value in the present day
A have a look at the memecoin’s day by day chart supplied a greater understanding of what may lie forward. The memecoin’s Chaikin Cash Circulation (CMF) and On Stability Quantity (OBV) each registered declines over the previous few days.
Nonetheless, the Cash Circulation Index (MFI) turned barely bullish, giving a ray of hope for the memecoin.
Supply: TradingView
