- The price of PEPE has risen by more than 4% in the past 24 hours.
- Most statistics and market indicators were optimistic about the memecoin.
Pepe [PEPE] came back coming into the spotlight after a major drop in price and market capitalization. The memecoin showed a major bullish signal, which could help regain the market capitalization it lost in recent months.
Realistic or not, here it is PEPE market cap in terms of BTC
PEPEs can recover quickly
PEPE is one of those infamous memecoins that has experienced multiple ups and downs since its inception. It once even managed to cross the $1 billion mark in terms of market capitalization, but quickly lost its value.
The downward trend made it a topic of conversation when investors started selling off their holdings in the recent past.
However, things have now changed as a major bullish indicator has emerged PEPE‘s favor. According to LunarCrush data, the memecoin’s Galaxy Score was only second to Bitcoin’s [BTC]indicating that the memecoin could soon spark a bull rally.
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#BTC $BTC $PEPE $CRO $INJ $VRA $SAND $EGLD $RNDR $GMX #1 INCH $SHIB $APT $SOL $FET… pic.twitter.com/bAkFElJGw4
— 🇺🇦 CryptoDiffer – StandWithUkraine 🇺🇦 (@CryptoDiffer) October 14, 2023
In fact, the memecoin bulls had already entered the market when the daily chart turned green. According to CoinMarketCap, the coin has risen by more than 4% in the past 24 hours. At the time of writing, it was trading at $0.0000006755 with a market cap of over $264 million.
A look at the memecoin’s stats revealed what supported the rise. Selling pressure on the currency has declined in the recent past, as evidenced by the spikes in currency outflows.
Furthermore, the memecoin’s off-exchange offering reversed its on-exchange offering on October 15. But whales’ confidence in PEPE was low as supply from prime addresses fell slightly last week.
Source: Santiment
A lack of confidence in PEPE in the broader crypto market was also clearly visible as positive sentiment around PEPE dropped last week. Surprisingly, despite the negative figures mentioned above, the Total Number of Holders registered an increase.
Another bullish signal was the memecoin’s MVRV ratio, which improved in recent days.
Source: Santiment
How many Worth 1,10,100 PEPEs today?
Will PEPE maintain the pump?
PEPE‘s Money Flow Index (MFI) entered the oversold zone at the time of writing, which could further increase buying pressure. The coin’s Relative Strength Index (RSI) also registered a rise, raising the likelihood of a sustained price move north.
But the Chaikin Money Flow (CMF) was bearish at the time of writing and fell slightly.
Source: TradingView
