Pepe (PEPE) is struggling to maintain its position as its price continues to decline. Recent data has revealed that investors are selling their PEPE assets, which could contribute to the downward trend. With rapidly decreasing market value and immense selling pressure, this memecoin may soon drop out of the top 100 crypto list.
Lookonchain’s tweet on September 11, 2023, indicated that several investors have sold their assets. According to the tweet, three wallets converted their PEPE positions to PNDC. They sold a total of 1.38 trillion PEPE for 965 thousand dollars and used 600 ETH to purchase 487 billion PNDC.
Looking at the metrics on the blockchain, it becomes apparent that there is high buying pressure on the coin, which further contributes to the downward trend. The supply of Memecoin on exchanges has seen a sharp increase in the past few days. This occurred while the supply outside of exchanges decreased, proving an increase in selling pressure. While the total number of holders decreased, PEPE’s entry into exchanges has increased.
PEPE’s network activity has also decreased in the late hours, and the daily active addresses have followed a similar downward trend in the past week. The market’s confidence in memecoin has remained low, as evidenced by the data from LunarCrush. The downward trend for PEPE has increased by 47% in the past seven days.
The increase in selling pressure has led to a significant drop in the price of memecoin. According to CoinMarketCap, PEPE has experienced a decline of more than 13% in the past seven days. At the time of writing, it was trading at $0.0000006992 with a market capitalization of 273 million dollars, making it the 98th largest crypto. The significant decrease in memecoin’s market value, combined with the selling pressure, suggests that it may soon drop out of the top 100 crypto list.
A look at the daily chart of memecoin provides insight into what may happen in the future. The Chaikin Money Flow (CMF) and On-Balance Volume (OBV) of memecoin have recorded a decline in the past few days. However, the Money Flow Index (MFI) has slightly increased, providing a glimmer of hope for memecoin.