Pepe’s Re-Flip – This Is What Helped the Memecoin in May

Financial Analyst

• Renewed interest in PEPE led to a rise in market cap
• The memecoin’s popularity on social media also remained relatively high

PEPE holders had given up hope towards the beginning of the year, especially after other memecoins rose dramatically. This while PEPE itself was declining on the charts.

Market cap rises

Because of this, PEPE started losing market cap and other memecoins like WIF took its place. However, interest in PEPE rose again, leading to a rapid increase in market cap. In fact, at press time, this memecoin’s market cap was almost double that of WIF.

Despite the rise in market cap and interest, the last 24 hours have not been positive for PEPE. At the time of writing, PEPE was trading at $0.0000145, after a 5.76% decline. Despite this, the overall outlook for the altcoin remained positive.

In fact, the price of the memecoin has been on an uptrend since May 15. During this time, the price of PEPE showed several higher highs and higher lows on the charts – an indication of an uptrend.

The RSI (Relative Strength Index) for PEPE also fell to 43.75, indicating 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.

However, significant selling pressure would be needed to push the price of the memecoin down and reverse the uptrend surrounding the altcoin.

A look at social data

The social activity surrounding the memecoin will play a major role in determining the future price of the token. AskFX’s analysis of Santiment data found that social volume for PEPE has surged in recent weeks. This increased popularity may help the memecoin maintain its momentum for its upswing.

However, there are some issues that PEPE might face due to the general sentiment surrounding the token. At the time of writing, the weighted sentiment had changed from extremely high to extremely low within a matter of days. For context, weighted sentiment is the measure of the ratio of positive to negative comments.

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A fluctuating weighted sentiment suggested that there was no consistent narrative around PEPE on social media platforms. User sentiment on the network was observed to change from bullish to bearish within a matter of days. This could be a sign of volatility in PEPE’s charts in the near future.