- Market sentiment around PEPE improved as the weighted sentiment chart rose.
- However, the RSI and MFI followed a sideways path, which looked bearish.
Pepe [PEPE] investors witnessed quite a few rough weeks as the price of the meme continued to fall. Pepe previously showed an exponential price increase, briefly reaching the $1 billion market cap before falling.
Realistic or not, here it is PEPE’s market cap in BTC conditions
Now the scenario seems to have turned in favor of PEPE as the daily chart showed double-digit growth. Will this latest price pump help PEPE rejoin the $1 billion market cap club?
The growth of PEPE is remarkable
According to CoinMarketCap, the price of the memecoin is up more than 11% in the past 24 hours. At the time of writing, it was trading at $0.000001128 with a market cap of over $441 million, making it the 85th largest cryptocurrency.
A positive aspect of this increase was that it was supported by an increase in trading volume of over 46%, which is typically bullish.
PEPE wins hearts again
Investor confidence in the memecoin also seems to have improved, thanks to the price pump. Santiment’s chart revealed that PEPE‘s social volume remained considerably high. Weighted sentiment also turned positive, reflecting investors’ bullishness towards the coin.
Source: Sentiment
Did statistics support the rise?
During the price pump, memecoin outflows increased. An increase in statistics suggested that buying pressure was high as investors expected further price increases.
PEPE’s supply of top addresses also increased, which was bullish. However, it was interesting to note that PEPEthe supply on exchanges increased, while the supply outside the exchanges decreased. Such an incident generally means that the selling pressure is increasing.
Source: Sentiment
Network stats looked healthy
While the coin’s supply was ambiguous, its network stats were healthy. PEPE’s daily active addresses remained high. Network growth also increased, suggesting more new addresses have been created to send the coin.
In addition, the speed of the currency also increased. A higher speed means that the coin was used more often in transactions within a certain time frame.
Source: Sentiment
Investors shouldn’t get too excited
Take a look at PEPEThe 4-hour chart suggested that the price increase could no longer continue. The memecoin’s Relative Strength Index (RSI) registered a downtick and rested below the neutral 50 mark. The Money Flow Index (MFI) also followed a sideways path, reducing the likelihood of a price rally.
However, the MACD showed a bullish advantage in the market. The distance between the 20-day exponential moving average (EMA) and the 55-day EMA has narrowed. This also gave hope for a continued upward trend.
Source: TradingView
How many Worth 1,10,100 PEPEs today
The meme game is on
While PEPE experienced double-digit growth, Dogecoin [DOGE] And Shiba Inu [SHIB] also joined the party. According to CoinMarketCap, the price of DOGE rose more than 4%, while the value of SHIB also increased slightly in the past 24 hours. At the time of writing, DOGE and SHIB were trading at $0.06956 and $0.00000808, respectively.