PEPE rises in popularity; here’s what caused it

Journalist

Posted: November 21, 2023

• PEPE’s social metrics elevated over the past week. 
• PEPE was up by 5% within the final 24 hours, and metrics regarded bullish. 

Pepecoin [PEPE] has witnessed a surge in its social metrics over the past seven days. However although its recognition elevated, its worth motion didn’t comply with an analogous route. Nonetheless, issues may change quickly, as PEPE introduced a significant replace concerning its future plans.

PEPE is a subject of dialogue 

AMBCrypto’s evaluation of LunarCrush’s knowledge revealed that the meme coin’s recognition elevated final week. This was evident from the truth that PEPE’s Social Dominance elevated by greater than 62% final week. Because of the rise in recognition, the meme coin’s AltRank additionally rose.

Nonetheless, regardless of the rise in recognition, its Market Dominance fell by 5.5%.

Supply: LunarCrush

The rationale behind the drop within the meme coin’s Market Dominance was the meme coin’s poor efficiency on the value entrance. Notably, PEPE’s worth solely surged by 1% within the final seven days, at a time when a number of cryptos registered double-digit good points.

Nonetheless, issues may quickly change.

418B $PEPE tokens are about to be transferred from the crew pockets. These tokens are being despatched to @binance Earn and can be rewarded to Binance customers by varied campaigns over the approaching months that we’re excited to share with you! pic.twitter.com/V9diig8hwf

— Pepe (@pepecoineth) November 20, 2023

As per their tweet on the twentieth of November, PEPE’s crew plans to switch 418 billion tokens to Binance Earn. These tokens can be awarded to Binance customers by varied campaigns over the approaching months.

In truth, Lookonchain’s newest tweet identified that the PEPE officers have already made the switch to Binance Earn. 

The #Pepe crew multisig pockets deposited 418.4B $PEPE($505K) to #Binance 30 minutes in the past.https://t.co/wWTJwWZDHXhttps://t.co/HFFoKw6ld9 pic.twitter.com/Q6bjf4c1Ao

— Lookonchain (@lookonchain) November 20, 2023

PEPE turns bullish!

Quickly after this announcement was made, the coin’s worth gained bullish momentum. In accordance with CoinMarketCap, PEPE’s worth rallied by greater than 5% in simply the final 24 hours.

On the time of writing, the meme coin was buying and selling at $0.000001201 with a market capitalization of over $501 million. Its buying and selling quantity additionally surged by 98% within the final 24 hours.

AMBCrypto’s evaluation discovered that whereas the coin’s worth rose, its Alternate Outflow spiked. Its Whole Quantity of Holders additionally elevated, suggesting that purchasing stress was excessive. The announcement additionally helped enhance sentiment across the meme coin, as Weighted Sentiment improved.

Supply: Santiment

How a lot are 1,10,100 PEPEs worth today?

Nonetheless, the uptrend may not final lengthy, as at press time, PEPE’s MACD displayed a transparent bearish higher hand available in the market. The Bollinger Bands revealed that the meme coin’s worth entered a squeezed zone, minimizing the probabilities of a continued uptrend.

The Relative Power Index (RSI) and the Chaikin Cash Move (CMF), alternatively, informed a unique story as they remained bullish.

Supply: TradingView