April 16, 2024

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Is PEPE preparing for a comeback against WIF?

Is PEPE preparing for a comeback against WIF?
  • More than 77% of PEPE investors made profits.
  • Market indicators point to a few slow-moving days.

The past week has been happening for memes as the giants like Dogecoin [DOGE] And Shiba Inu [SHIB] Recording Promising Gains Therefore, AMBCrypto plans to take a look at another popular meme coin, babyto see how he performed at the same time.

PEPE performance is ok

Over the past week, top meme coins such as DOGE and SHIB recorded double-digit growth. according to CoinMarketCapDOGE rose by more than 26% while SHIB rose by 10%. At the time of writing, these memes were trading at $0.2069 and $0.00003001, respectively.

Although PEPE's growth rate was not as high as the top two, memecoin still pushed its price up by 5% last week. But WIF has managed to overtake PEPE to become the third largest meme coin.

At press time, after losing its place to WIF, PEPE is trading at $0.000008058 with a market capitalization of over $3.39 billion. However, it's not all bad news for PEPE investors. The recent rise in prices has allowed investors to take profits.

According to IntoTheBlock Data, more than 77% of memecoin investors made profits. Thanks to the upward price action, PEPE's social dominance has risen. In addition, positive sentiment around the memecoin also rose during that period.

PEPE's social metrics have gone up

Source: Santiment

Will PEPE's uptrend continue?

Since the daily chart of memecoin was in the green, we planned to check its metrics for chances of a continuation of the bullish rally. We have found that over the past few days, buying pressure on Memcoin has remained high.

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However, this trend began to change on March 28. This was evident from the fact that its supply on the stock exchanges increased while its supply outside the stock exchanges decreased.

However, whales continued to accumulate as the supply held by the headliners registered an uptick.

Source: Santiment

Our analysis of TradingView data revealed that investors may see a few slow-moving days. This appears to be the case, as the Bollinger Band indicator indicated that the price of PEPE was in a less volatile zone.

However, the Money Flow Index (MFI) looked bullish as it registered a slight increase and headed towards the neutral mark. Hence, it was not clear whether PEPE could regain its position as the third largest memocoin in the near term.

Source: Trading View