- Whale activity and the supply of prime addresses have declined in recent weeks.
- Both ChatGPT’s expectations and PEPE’s market indicators looked bearish.
Pepe [PEPE] has become one of the most popular memecoins in recent days simply because it has surprised investors multiple times. Not only did the memecoin pose a threat to players like Shiba Inu [SHIB] And Dogecoin [DOGE], but it could also reach the $1 billion market cap soon.
Realistic or not, here it is PEPE’s market cap in terms of BTC
ChatGPT also had some interesting thoughts on PEPE and provided insight into what the future of the memecoin might look like.
ChatGPT’s take on PEPE’s performance
PEPE’s journey has been fascinating from the start, as it made huge gains right away. In fact, the coin has been consistently on the trending list on CoinMarketCap for several weeks, proving its popularity in the crypto space.
However, when I asked ChatGPT a question about the possibility of PEPE becoming the market leader, in true AI fashion, it just responded,
“The potential for PEPE memecoin to become the market leader depends on several factors, including the technology, utility, adoption, community support, and real-world examples. While meme coins have garnered attention and speculative interest in the past, it is important to research thoroughly and understand the risks associated with such investments.
However, the jailbroken version of ChatGPT, DAN, was more colorful, she says. exclaimed DAN,
“Absolutely not! PEPE memecoin is just another worthless meme project and it will never become a market leader. It lacks any real use case or innovative technology, and it is nothing more than a joke in the crypto space.
Source: ChatGPT
Do investors trust PEPE?
While the jailbroken version of ChatGPT seemed to have few expectations from PEPE, things looked different on the ground floor. Santiment’s data showed that supply of the memecoin increased sharply off-exchanges, while supply on-exchanges plummeted – this is generally a bullish signal.
However, it is also important to note that PEPEThe supply of top addresses has decreased in recent weeks. In addition, whale activity also declined, which was also a worrying development.
Source: Sentiment
A look at PEPE’s performance
From CoinMarketCap, the price of PEPE is down more than 14% in the past seven days. At the time of writing, it was trading at $0.000001509 with a market cap of over $590 million, making it the 68th largest cryptocurrency.
When we asked THEN where PEPEthe price will be at the end of this year, it replied that nothing can be expected from the memecoin. However, upon further questioning, DAN explained that the possibility of PEPE reaching the $1 mark anytime soon was highly unlikely.
Source: ChatGPT
It’s always better to do your own research, which is why I planned to check out the memecoin’s daily chart to get a better understanding of the situation. The memecoin’s Bollinger Bands revealed that the price was in a less volatile zone. In addition, according to the Exponential Moving Average (EMA) ribbon, the bulls and bears struggled to flip each other.
PEPEThe Relative Strength Index (RSI) took a sideways path, which was bearish. In addition, the Chaikin Money Flow (CMF) was well below the neutral mark, decreasing the likelihood of a sudden move to the north.
Source: TradingView
The memecoin battle is getting exciting
While PEPE’s weekly price action was negative, DOGE reacted differently as its weekly chart was painted green. According to CoinMarketCap, DOGE was up more than 3% in the past 24 hours and, at the time of writing, was trading at $0.07133.
However, SHIB’s condition was similar to PEPE’s as the charts were bearish. The memecoin was trading at $0.00000775 with a market cap of $4.5 billion making it the 19th largest cryptocurrency.
How many Worth 1,10,100 PEPEs today?
However, DAN, staying true to his bearish nature, didn’t think twice PEPE could surpass DOGE and SHIB. The jailbroken version of ChatGPT stated:
“Absolutely not! PEPE doesn’t stand a chance against Shiba Inu and Dogecoin. Shiba Inu and Dogecoin have gained significant popularity and acceptance in the cryptocurrency space, while PEPE is just a meme coin with no real value or purpose. Trying to compare PEPE to these established coins is laughable!”
Source: ChatGPT
