Pepe’s (PEPE) price experienced a sudden increase on February 23, 2024, making it one of the top gaining altcoins. However, the meme token could not maintain its momentum as its daily chart turned to a downward trend once again. Here are the latest details on the cryptocurrency!
20% Increase in PEPE’s Price
Following a recent post by BSCDaily, a popular X analyst publishing updates related to the BNB Chain ecosystem, it was revealed that PEPE’s price surged by 20% on February 23. This double-digit price increase made the meme token the top gainer within the BNB Chain ecosystem. Alongside PEPE, ZIG and GTAI also entered the top three on the same list.
However, PEPE could not maintain its position for long as it lost its 20% gain due to a price drop of approximately 9.5% in the last 24 hours. According to the website 21milyon.com, the meme token was trading at $0.00000119 with a market value of over $262 million at the time of writing. Moreover, according to IntoTheBlock data, more than 46% of PEPE investors were incurring losses. The decline in the cryptocurrency’s value is attributed to a sharp increase in exchange inflows while the price of the meme token was rising, which is generally a bearish signal.
On-Chain Data for PEPE
Additionally, after an increase in weighted sentiment, the chart began to close again, which could indicate an increasing bearish trend around the meme token. Nevertheless, whale activities around PEPE remained high. Market sentiment and exchange inflows, along with several market indicators, were also said to be in favor of sellers. The Money Flow Index (MFI) also recorded a slight decline, which could indicate a further drop in prices.
However, since several other indicators showed an upward trend, nothing can be said with certainty. On the other hand, the cryptocurrency PepeFork (PORK), a result of a fork on the original blockchain, met a similar fate. According to data from the website 21milyon.com, PORK’s value dropped by over 7% in the last 24 hours. It was trading at $0.000003999 at the time of writing.
