Investors weren’t happy when PEPE’s price dropped after going up by 20%. PEPE was the biggest winner in the BNB ecosystem on February 23rd. But, most signs in the market suggested that prices might keep going down.
On February 23rd, 2024, Pepe’s price shot up suddenly, making it one of the biggest winners. But, the meme coin couldn’t keep up the good performance, as its daily chart quickly showed red again.
PEPE’s Rollercoaster Ride in the BNB Chain Ecosystem
Recently, from a prominent source for updates on the BNB Chain ecosystem, tweeted about PEPE’s remarkable surge. On February 23rd, PEPE’s price skyrocketed by 20%, propelling it to the top spot among gainers in the BNB Chain ecosystem. Alongside PEPE, ZIG and GTAI also secured positions in the top three.
However, PEPE’s glory was short-lived. Within the next 24 hours, its price plummeted by almost 9.5%, wiping out the earlier gains.
According to CoinMarketCap data, at the time of reporting, PEPE was trading at $0.00000119 with a market capitalization exceeding $262 million. Unfortunately, an analysis of IntoTheBlock’s data revealed that more than 46% of PEPE investors were facing losses.
Analyzing PEPE’s Decline: Insights from Santiment’s Data
Upon investigating the reasons behind the decline in PEPE’s value, we turned to Santiment’s data for insights. What we found was concerning: despite the meme coin’s price increase, there was a significant spike in its exchange inflow. This pattern typically signals bearish sentiment in the market.
Furthermore, although there was initially a rise in weighted sentiment, indicating positive investor sentiment, the graph soon started to close, signaling a shift towards bearish sentiment surrounding the meme coin.
Source: Santiment
Interestingly, despite these bearish signals, whale activity around PEPE remained high. The number of whale transactions increased, indicating continued interest from large investors. Moreover, the big players seemed to be accumulating more PEPE, as evidenced by the rise in the supply held by top addresses over the last few days.
Analyzing Market Indicators: Mixed Signals for PEPE and PORK
Several market indicators were aligning with sellers, adding pressure to PEPE’s price. The MACD signaled the possibility of a bearish crossover, while the Money Flow Index (MFI) showed a slight downtick, suggesting further price decline.
Source: TradingView
Despite these bearish signals, some indicators offered a glimmer of hope. PEPE’s Chaikin Money Flow (CMF) rebounded from the neutral mark, indicating the potential for a lift in its value in the near future.
Meanwhile, PepeFork (PORK), a coin resulting from a fork from the original blockchain, faced a similar fate. According to CoinMarketCap, PORK’s value plummeted by over 7% in the past 24 hours, trading at $0.0000003999 at the time of writing.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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