Pepe’s Rally Ended Earlier Than Expected. Here’s Why
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- PEPE was the top gainer in the BNB ecosystem on February 23rd.
- Most market indicators were still bearish and pointed to a price decline.
The price of Pepe [PEPE] experienced a sudden increase on February 23, 2024. It was one of the biggest winners. The meme coin failed to maintain the momentum as the daily chart quickly moved into the red zone.
PEPE investors suffer a setback
According to a recent tweet from BSCDaily – a popular February by 20%.
The double-digit price increase made the meme coin the top winner in the BNB Chain ecosystem. ZIG, GTAI and PEPE also made the list.
The price of PEPE has fallen by almost 9.5% in the last 24 hours, wiping out its 20% increase.
CoinMarketCapreported that the meme coin’s market cap was $262 million at press time. It was trading at $0.00000119. According to our analysis of IntoTheBlock data, over 46% of PEPE investors experienced losses. AMBCryprto analyzed Santiment data to determine what caused this drop in value. We found that the meme coin’s exchange inflows increased sharply while its price increased, which is a bearish signal.
After a rise in weighted sentiment, the chart began to close again, indicating that bearish sentiment around the meme coin was beginning to increase.
Santiment
Despite this, PEPE’s whale activity remained high, as evidenced by the increase in whale transactions. The big records have even increased their stocks as the supply from the top addresses has increased slightly in the last few days. What can investors expect
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In addition to the exchange rate and market sentiment, some market indicators also supported the sellers. The MACD showed the possibility of a crossover in a bearish direction.
The Money Flow Index (MFI), which measures the flow of money, also recorded a slight decline. This indicated a possible further price decline. Source: TradingView.
However, nothing is certain as some other indicators are bullish. PEPE’s Chaikin Money Flow (CMF) has increased from neutral, suggesting that PEPE’s value could rise in the next few days.
Read the latest news for PEPE The year 2024-25.
PepeFork, the coin created by a fork of the original blockchain, also suffered a similar fate.
According to CoinMarketCapthe value of PORK has fallen by more than 7% in the last 24 hours. At the time of writing, it was worth $0.0000003999.
