Can Pepe’s Bullish Signals Help It Copy Solana-Based Popcat?
Journalist
- PEPE’s volume has dropped while POPCAT has increased, showing POPCAT’s dominance
- As buying momentum fades, PEPE could drop to $0.0000070.
What is your favorite animal? Dog, cat or frog? Nowadays, it is rare to find a large collection that does not have a connection to memecoins. On April 25, it was exactly the same when “a big gun” on the market moved 10.99 billion PEPE tokens.
According to Spot On Chain, this participant has 703.75 billion PEPEs. This asset generated a staggering profit of $2.65 million. The recent pullback, despite gains of around 101%, suggests that PEPE has reached the top spot on the local charts.
At the time of publication, the price was $0.0000075. This represents an increase of 40.66% in the last seven days. This is seen by many as a positive performance considering that many cryptocurrencies are consolidating.
If accumulation continues at this rate over the next few days, PEPE could compete with Popcat [POPCAT]. For those unfamiliar with POPCAT, it is a memecoin built on the Solana [SOL] blockchain.
Capital leaves frogs to cats and frogs to cats
The cryptocurrency has been trending in recent months. POPCAT has seen its price rise 5,671% year-to-date (YTD basis). PEPE’s price has also risen 440% this year.
However, it seems that the amount of money attracted to cat-related projects is far greater than the money PEPE has received.
If whales continue to buy PEPE, the token could try to catch up with POPCAT, which has seen a 59.01% increase in the last 24 hours.
AskFX has assessed the on-chain conditions for both projects. We first looked at volume, and the same metric highlighted the interest in a particular cryptocurrency.
Source: Santiment
PEPE is not as strong as POPCAT
PEPE had a volume of $1.18 billion at the time of writing. For POPCAT, the figure was $181.77 million. This high difference would suggest that the former had the edge in recent weeks.
But that was not the case. POPCAT’s volume increased significantly starting on April 24, while the frog-themed token declined. The increasing value and volume could lead to a price increase for POPCAT.
In this case, speculations about a possible correction could be refuted. PEPE’s falling volume in the last 24 hours could also weaken the uptrend.
A possible drop to $0.0000070 is therefore likely. The price could then recover. This would only happen if buying pressure increases.
Source: Santiment
The Relative Strength Index on PEPE’s 4-hour chart had a reading of 44.50. This could be a sign that bulls are flocking to other memecoins as the buying momentum fades.
Here is POPCAT’s market cap in PEPE terms, whether it is realistic or not.
If the value continues to fall, the prediction (dropping to $0.0000070) could be valid. Traders may need to pay attention to the momentum. If the RSI hits the oversold area around 30.00 or below, a significant recovery could follow.
