- PEPE’s price increased marginally in the last 24 hours.
- Exchange inflow spiked substantially, but whales’ confidence remained high.
As Pepe [PEPE] fell victim to a massive selloff, its official Twitter handle posted a tweet revealing the reason behind the dump. Though it helped the coin to partially hold its ground, several traders still remained skeptical of the memecoin. This was evident from the fact that a few investors continued to sell their holdings. Considering the magnitude of the recent selloffs, should investors expect a comeback from PEPE?
Realistic or not, here’s PEPE market cap in BTC‘s terms
PEPE investors are in panic mode
As reported earlier, three former team members stole millions of dollars’ worth of tokens and sent them to exchanges for sale. After removing themselves from the multi-sig, they erased all of their social media accounts in an effort to distance themselves from the memecoin. After the explanation, the memecoin’s price action somewhat stabilized as its downtrend ended.
According to CoinMarketCap, PEPE’s price increased marginally in the last 24 hours. At the time of writing, it was trading at $0.0000008988 with a market capitalization of over $352 million. However, a price volume divergence was noticed as the memecoin’s 24-hour trading volume dropped by over 40%, which is bearish.
In fact, a few of the investors were still selling their holdings. Lookonchain’s recent tweet revealed that an early buyer of PEPE sold the remaining 1 trillion PEPE for 537 ETH, worth $885 thousand.
An early buyer of $PEPE sold the remaining 1T $PEPE for 537 $ETH($885K) 7 hrs ago.
This guy spent 0.0183 $ETH ($36.73) to buy 1.69T $PEPE within 30 minutes after $PEPE started trading, and then sold for 1,001 $ETH ($1.73M), realizing a gain of 54,725x.https://t.co/LI7qxGghDr pic.twitter.com/P9N82QXv4N
— Lookonchain (@lookonchain) August 26, 2023
What to expect from PEPE
The selloffs were further established as its exchange inflow slipped substantially. The price drop also caused its MVRV Ratio to plummet sharply over the last few days. The memecoin’s velocity also decreased, meaning that the memecoin was used in transactions less often within a set time frame.
Nonetheless, the whales remained confident in a PEPE comeback as the supply held by top addresses increased over the last few days.
Source: Santiment
How much are 1,10,100 PEPEs worth today
A look at the coin’s daily chart revealed that its On Balance Volume (OBV) went down considerably. The Money Flow Index (MFI) registered a downtick and was resting well below the neutral mark. Additionally, its MACD pointed out that the bears were controlling the market, increasing the chances of PEPE witnessing a further price decline.
Source: TradingView
However, the Relative Strength Index (RSI) was slightly bullish as it rebounded from the oversold zone. Considering the aforementioned metrics and indicators, it was less likely that PEPE would have a comeback in the near term.
