- PEPE’s renewed interest led to a surge in its market cap
- Memecoin’s popularity on social media remained relatively high too
PEPE holders had started to lose hope towards the beginning of the year, especially after other memecoins surged dramatically. This, while PEPE itself declined on the charts.
Market cap on the rise
Due to this, PEPE started to lose market cap and other memecoins such as WIF took its spot. However, interest in PEPE has surged again, causing its market cap to soar. In fact, at press time, this memecoin’s market cap was almost double that of WIF’s.
Source: X
Despite the hike in market cap and interest though, the last 24 hours were not positive for PEPE. At the time of writing, PEPE was trading at $0.0000145, following a 5.76% decline. Despite the same, however, the overall outlook for the altcoin remained positive.
In fact, since 15 May, the memecoin’s price has been on an upward trajectory. During this period, PEPE’s price flashed multiple higher highs and higher lows on the charts – Indicative of a bullish trend.
The RSI (Relative Strength Index) for PEPE fell to 43.75 too, implying a decline in bullish momentum across the market. Moreover, the CMF (Chaikin Money Flow) for PEPE fell to -0.09 – A sign of capital outflows.
That being said, it would take a significant amount of selling pressure to drive the memecoin’s price down and reverse the bullish trend around the altcoin.
Source: Trading View
Taking a look at social data
Social activity around the memecoin will play a major role in determining the future of the token’s price. AMBCrypto’s analysis of Santiment’s data revealed that the social volume for PEPE surged materially over the last few weeks. This heightened popularity can help the memecoin sustain its momentum for its rally.
However, there are a few problems that PEPE could face due to the overall sentiment around the token. At the time of writing, the weighted sentiment had turned from extremely high to extremely low in just 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 implied that there was no consistent narrative around PEPE on social media platforms. The temperament of users on the network was observed to be moving from bullish to bearish in a matter of a few days. This could be a sign of volatility on PEPE’s charts in the near future.
Source: Santiment