One of the most talked-about meme coins, Pepe (PEPE), experienced a challenging week with its value dropping by 14%. According to IntoTheBlock data, the price decline led investors towards losses.
Momentum Picks Up for PEPE
However, in the last 24 hours, things have turned in favor of the meme token, and its value has increased by small amounts. At the time of writing, PEPE is trading at $0.0000009006 with a market value of over $378 million. It is interesting to see that sentiment around the meme token has started to rise despite the ongoing price drops last week. This can be clearly seen from the increase in weighted sentiment since February 1st.
PEPE’s social volume also remained relatively high throughout the week, reflecting its popularity in the crypto community. Even though the price of the meme token was low, whales used this opportunity to accumulate more tokens. According to Santiment data, the supply of the meme token held by top addresses increased sharply last week. However, the overall market sentiment continued to be dominated by selling. The supply of PEPE on exchanges increased significantly, while the supply outside of exchanges decreased.
Current Data on PEPE!
This situation could mean that investors are liquidating their tokens at the time of writing, which could harm the token’s price in the long run. A look at PEPE’s daily chart reveals several positive indicators. For instance, the MACD indicated a potential uptrend. The Relative Strength Index (RSI) of the meme token was also near the oversold region. If the chart enters this region, it could increase buying pressure and thus potentially raise the price of the meme token. The Chaikin Money Flow (CMF) also recorded an increase, indicating an uptrend.
While PEPE struggled last week, the newly launched PepeFork (PORK) provided investors with profits. According to CoinMarketCap, PORK showed an increase of nearly 600% last week. In the last 24 hours, the token’s value increased by 11%. At the time of writing, it is trading at $0.0000006095 with a market value of over $202 million.
