PEPE’s rally ends sooner than expected – Here’s what went wrong

  • PEPE became the top gainer in the BNB ecosystem on the 23rd of February.
  • Most market indicators remained bearish, hinting at a further price decline.

Pepe’s [PEPE] price witnessed a sudden uptick on the 23rd of February 2024, making it one of the top gainers. However, the meme coin couldn’t sustain the momentum as its daily chart was quick to turn red once again. 

A setback for PEPE investors 

As per a recent tweet from BSCDaily, a popular X handle that posts updates related to the BNB Chain ecosystem, it was revealed that PEPE’s price surged by 20% on the 23rd of February.

This double-digit price hike made the meme coin the top gainer in the BNB Chain ecosystem. Apart from PEPE, ZIG and GTAI also made it to the top three on the same list.

But PEPE couldn’t hold its ground for long as its price dropped by nearly 9.5% in the last 24 hours, nullifying its 20% gains.

According to CoinMarketCap, at press time, the meme coin was trading at $0.00000119 with a market capitalization of over $262 million. In fact, as per our analysis of IntoTheBlock’s data, more than 46% of PEPE investors were bearing losses.

To check what caused this decline in value, AMBCryprto analyzed Santiment’s data. We found that the meme coin’s exchange inflow spiked sharply while its price rose, which is a typical bearish signal.

Additionally, after a rise in weighted sentiment, the graph again started to close, suggesting that bearish sentiment around the meme coin started to increase. 

Source: Santiment

However, whale activity around PEPE remained high, as evident from the rise in its number of whale transactions. In fact, the big platters actually increased their holdings as the supply held by top addresses went up slightly in the last few days. 

What should investors expect? 

Apart from market sentiment and exchange inflow, a few of the market indicators were also supporting the sellers. The MACD displayed the possibility of a bearish crossover.

Its Money Flow Index (MFI) also registered a slight downtick, which hinted at a further price decline. 

PEPEUSDT 2024 02 24 13 20 17.png

Source: TradingView

But nothing can be said with the utmost certainty, as a few other indicators looked bullish. For example, PEPE’s Chaikin Money Flow (CMF) rebounded from the neutral mark, indicating that PEPE might as well manage to lift its value in the coming days. 

Read PEPE’s Price Prediction 2024–25

Meanwhile, PepeFork [PORK], the coin that was a result of a fork from the original blockchain, also had a similar fate.

As per CoinMarketCap, PORK’s value dropped by over 7% in the last 24 hours. At the time of writing, it was trading at $0.0000003999.

Next: XRP’s rally depends on a move above this price level

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