- Market indicators remained mostly bullish on PEPE.
- Sentiment around the meme currency, however, remained negative.
Pepes [PEPE] double-digit winning spree ended a few weeks ago. The bearish market condition also prevented the price of the meme coin from rising. Interestingly enough, the meme coin was trending at number 1 at the time of writing CoinMarketCap.
Realistic or not, here it is PEPE market cap in BTC‘s conditions
In the past 24 hours alone, the meme coin’s chart turned green as its price increased by 10%. However, the trend may soon change, as suggested by Lookonchain’s tweet.
PEPE witnesses a sell-out
Lookonchain’s tweet dated June 15 revealed that a possible internal trader sold all 972.84 billion PEPE for 514 Ether [ETH], valued at $848,000 at a sale price of $0.0000008718. The same trader had previously bought over 2 trillion PEPE at $58 a few minutes after the meme coin went live to trade.
Address 0x1497 sold all 972.84B $PEPE for 514 $ETH ($848K) ~2 hours ago the sale price was $0.0000008718.
This man could be an insider.
He got 0.58 $ETH by #FixedFloat and spent 0.027 $ETH ($58) to buy 2.27T $PEPE within 10 minutes of $PEPE start trading. pic.twitter.com/QflquoJu0l
— Lookonchain (@lookonchain) June 15, 2023
Is a price drop likely?
While the sell-off appeared bearish, a price drop was unlikely in the near term. Take a look at PEPEThe 4-hour chart revealed quite a few bullish statistics. For example, the meme coin’s Relative Strength Index (RSI) registered an increase, as did the Chaikin Money Flow (CMF).
In addition, the MACD showed a bullish crossover. Nevertheless, the Exponential Moving Average (REMA) ribbon was bearish, which could be cause for concern.
Source: TradingView
Investors buy PEPE
PEPE’s supply split also looked bullish as it suggested the coin was under buying pressure. According to Santiment’s chart, the supply of the meme coins held by top addresses registered an increase over the past week, indicating that the top players actually bought the token.
Additionally, PEPE‘s supply on exchanges decreased while supply outside exchanges increased. This bull signal is evidence of the possibility of a sustained price increase.
Source: Sentiment
How many Worth 1,10,100 PEPEs today?
What the statistics suggest
although PEPE‘s delivery distribution looked optimistic, daily active addresses fell last week. Not only that, but network growth also declined. A decrease in the statistic suggests that fewer new addresses were created to transfer the impersonation.
Negative sentiment around the meme coin was dominant in the market, as evidenced by the dip in weighted sentiment, which also looked worrying.
Source: Sentiment
