Pepe’s Arb Flips: Is This a Coincidence or the Start of a Trend?
Journalist.
- PEPE overtakes ARB on the market cap scale as the memecoin’s price rises.
- While social activity around PEPE decreased, sentiment was high.
The recent price crash of Bitcoin [BTC] led to currency corrections. Memecoins were also affected, causing massive price drops.
Pepe to the moon?
However, PEPE [PEPE] was one of the memecoins that managed to turn positive during this time. According to recent data, ARB’s market cap was surpassed by the third largest memecoin.
CoinMarketCap
It has not been a smooth ride for PEPE in recent months. The price started falling on March 14 after testing the $0.000001082 mark.
PEPE showed several lower lows and subsequent lower highs. This indicated a bearish pattern. The cycle of lower highs, lower lows, and no signs of reversal continued for a long time until the price tested the $0.000000793 mark on April 23 and the trend was broken.
Although the price has not been able to break above this level in the past few weeks, some bullish momentum and sentiment could help the memecoin gain in the near future.
However, at the time of writing, the indicators were not on PEPE’s side. In the past few weeks, the CMF (Chaikin Money Flow) has been falling.
The CMF (Chaikin Money Flow) has been declining in the past few days. In addition, the RSI has also been declining, indicating a significant decline in the bullish momentum surrounding the memecoin. These factors suggest that PEPE could move sideways before testing the $0.000000793 mark in the future. The token’s price was $0.000006847 at press time and was up 6% in the last 24 hours.
PEPE’s trading volume also increased by 38% during this period. Source: Trading View
This recent price surge has resulted in $3.09 million worth of short positions being liquidated within the last 24 hours.
Coinglass
Social data
Although PEPE’s price rose and bears made losses, the price movement was largely dictated by its social volume.
Read Pepe’s [PEPE] Price Prediction 2024-25.
AskFX’s analysis found that Santiment’s data showed a significant drop in social volume over the past few days.
Sentiment towards the token was still positive. The data showed that although the volume of PEPE-related conversations had decreased, it was still positive.
Santiment
