PEPE rises in popularity; here’s what caused it
- PEPE’s social metrics increased over the last week.
- PEPE was up by 5% in the last 24 hours, and metrics looked bullish.
Pepecoin [PEPE] has witnessed a surge in its social metrics over the last seven days. But though its popularity increased, its price action did not follow a similar route. However, things might change soon, as PEPE announced a major update regarding its future plans.
PEPE is a topic of discussion
AMBCrypto’s analysis of LunarCrush’s data revealed that the meme coin’s popularity increased last week. This was evident from the fact that PEPE’s Social Dominance increased by more than 62% last week. Thanks to the rise in popularity, the meme coin’s AltRank also rose.
However, despite the rise in popularity, its Market Dominance fell by 5.5%.
The reason behind the drop in the meme coin’s Market Dominance was the meme coin’s poor performance on the price front. Notably, PEPE’s price only surged by 1% in the last seven days, at a time when several cryptos registered double-digit gains.
However, things might soon change.
418B $PEPE tokens are about to be transferred from the team wallet. These tokens are being sent to @binance Earn and will be rewarded to Binance users through various campaigns over the coming months that we are excited to share with you! 🐸 pic.twitter.com/V9diig8hwf
— Pepe (@pepecoineth) November 20, 2023
As per their tweet on the 20th of November, PEPE’s team plans to transfer 418 billion tokens to Binance Earn. These tokens will be awarded to Binance users through various campaigns over the coming months.
In fact, Lookonchain’s latest tweet pointed out that the PEPE officials have already made the transfer to Binance Earn.
— Lookonchain (@lookonchain) November 20, 2023
PEPE turns bullish!
Soon after this announcement was made, the coin’s price gained bullish momentum. According to CoinMarketCap, PEPE’s price rallied by more than 5% in just the last 24 hours.
At the time of writing, the meme coin was trading at $0.000001201 with a market capitalization of over $501 million. Its trading volume also surged by 98% in the last 24 hours.
AMBCrypto’s analysis found that while the coin’s price rose, its Exchange Outflow spiked. Its Total Amount of Holders also increased, suggesting that buying pressure was high. The announcement also helped improve sentiment around the meme coin, as Weighted Sentiment improved.
How much are 1,10,100 PEPEs worth today?
However, the uptrend might not last long, as at press time, PEPE’s MACD displayed a clear bearish upper hand in the market. The Bollinger Bands revealed that the meme coin’s price entered a squeezed zone, minimizing the chances of a continued uptrend.
The Relative Strength Index (RSI) and the Chaikin Money Flow (CMF), on the other hand, told a different story as they remained bullish.