Journalist
Posted:
- PEPE has fallen by more than 3% in the past 24 hours.
- PEPE open interest dropped and some metrics looked bullish.
Pepe [PEPE] witnessed major setbacks in recent weeks as it lost a large portion of its market capitalization. The episode also caused PEPE to lose its spot in the top 100 list. However, the memecoin’s Galaxy Score, an indicator of LunarCrush, has recently turned bullish.
Realistic or not, here it is PEPE’s market cap in BTC conditions
PEPE continues to underperform
The memecoin, which attracted the attention of the crypto market like a forest fire a few months ago, started to lose ground. The memecoin has already lost much of its value, as at the time of writing it was ranked 105th on the list of the top cryptos by market capitalization.
Recently, PEPE appeared on Galaxy Score’s list of the top 15 cryptos. To begin with, Galaxy Score assesses the overall health of a crypto by looking at variables such as market activity, social media presence, etc. Therefore, an improvement in the metric is a bullish signal, indicating that PEPE may soon turn its chart green.
TOP 15 coins from @LunarCRUSH Galaxy score
Galaxy Score is a proprietary score that continually measures crypto against itself against the community metrics pulled in from across the internet$SXP $NAKA $SEI $WLD $KAVA #1 INCH $ARB $IMX $PEPE $STREAM $AAVE $BAKING $WOO $CELO… pic.twitter.com/AzoMaSFuQe
— 🇺🇦 CryptoDiffer – StandWithUkraine 🇺🇦 (@CryptoDiffer) September 16, 2023
In fact the memecoin‘s price rose on September 17. But the trend did not last long as the price of the coin fell again. According to CoinMarketCap, the value of the coin has fallen by more than 3% in the past 24 hours. At the time of writing, it was trading at $0.0000006649 with a market cap of over $260 million.
Source: CoinMarketCap
The price drop also caused the memecoin’s social metrics to drop. From MoonCrushPEPE social engagement has dropped by more than 70% in the last 24 hours. Not only that, but bullish sentiment around the coin also plummeted by over 35%, which looked worrying.
Can PEPE recover quickly?
Interestingly, a look at the PEPE supply distribution showed that investors still had confidence in the memecoin. Addresses with 1,000 to 1 million PEPE recorded an increase last week, reflecting whale confidence.
Source: Santiment
A few other metrics also looked bullish on the memecoin. For example, the MVRV ratio has improved over the past week. The exchange rate outflows spiked quite a few times, meaning the memecoin was not under selling pressure.
Moreover, network growth also increased, indicating that more new addresses were being created to transfer the token.
Source: Santiment
How many Worth 1,10,100 PEPEs today
Another key bullish measure was revealed in a check on the memecoin futures market. From Mint glassthe open interest of the currency has fallen along with the price.
A drop in the metric usually indicates a trend reversal, increasing the likelihood that PEPE will turn the chart green in the coming days.
