Pepe (PEPE) has recently battled to maintain its footing in the volatile crypto market, with its price declining steadily. To make matters worse, recent data shows that investors are selling their PEPE holdings, worsening the problem. With its market capitalization fast declining and substantial selling pressure, there is growing concern that this memecoin may fall out of the top 100 cryptos by market capitalization.
Lookonchain’s tweet on September 11, 2023, underlined the pattern of investors moving away from PEPE. Three wallets, according to the tweet, chose to exchange their PEPE holdings for PNDC. They sold 1.38 trillion PEPE for 600 ETH, or $965 thousand, then reinvested 600 ETH to acquire 487 billion PNDC.
A closer examination of PEPE’s on-chain analytics reveals a worrisome increase in selling pressure, as evidenced by an increase in the memecoin’s supply on exchanges. Concurrently, the supply of PEPE outside of exchanges fell, exacerbating the issue. Notably, the exchange inflow into PEPE increased significantly, but the overall number of holders declined.
PEPE’s network activity has recently decreased, and a similar trend has been noted in its daily active addresses during the last week. With a 47% increase in unfavorable sentiment over the last seven days, LunarCrush data illustrates the market’s diminishing faith in this memecoin.
The increasing selling pressure has had a substantial influence on the price of PEPE, with CoinMarketCap showing a decline of more than 13% in the previous week alone. PEPE is currently trading at $0.0000006992 and has a market size of $273 million, ranking it as the 98th biggest cryptocurrency.
Given the significant drop in market capitalization and the ongoing selling pressure, there is rising concern that PEPE will be forced out of the top 100 cryptocurrencies list shortly.
The daily chart analysis provides additional insight into what the future may hold for PEPE. In recent days, both the Chaikin Money Flow (CMF) and the On Balance Volume (OBV) have declined. However, there is a ray of brightness, as the Money Flow Index (MFI) has taken a minor bullish turn, providing hope for the memecoin.
To summarise, PEPE’s path in the crypto market is currently laden with difficulties, as holdings decline and selling pressure increases. The next steps for this memecoin are unknown, with market dynamics and investor emotion determining its fate.
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