PEPE In Peril? Dwindling Exchange Supply Raises Price Jitters
08 April 2024 - 10:00PM
NEWSBTC
The world of memecoins continues to be a rollercoaster ride, and
Pepe (PEPE) is no exception. Recent on-chain data reveals a surge
in tokens moving out of exchanges, potentially signaling a bullish
sentiment among investors. However, conflicting indicators cast a
shadow of doubt on the sustainability of this upward trend. Related
Reading: Solana Primed For Takeoff? Expert Analysis Points To
Buying Opportunity Pepe Soars Out Of Exchanges, Suggesting Investor
Confidence A significant development for PEPE is the movement of a
large number of tokens away from exchanges. According to Santiment,
a blockchain analytics platform, the supply of PEPE outside
exchanges reached a staggering 243 trillion on April 7th. This
sharp rise compared to March 12th indicates a potential decrease in
selling pressure. Source: Santiment Price Recovery, Rising Volume
Hint At Potential Upswing Further bolstering the bullish case for
PEPE is the recent price increase. Over the last 24 hours, the
memecoin has experienced a nearly 10% surge, suggesting a potential
recovery from a recent slump. In addition to the observed price
fluctuations and projected price range for Pepe, it’s worth noting
the significant increase in trading volume surrounding the
cryptocurrency. This surge in trading activity not only reflects a
heightened level of engagement within the Pepe community but also
suggests growing interest from external investors and traders.
Bitcoin is now trading at $71.879. Chart: TradingView The uptick in
trading volume serves as a key indicator of market sentiment and
could potentially serve as a catalyst for further price gains.
Historically, increased trading activity has been associated with
periods of price appreciation, as it signals a greater level of
market participation and liquidity. In turn, this heightened
liquidity can attract new buyers to the market, further bolstering
demand and potentially driving prices higher. Investor Sentiment
Tells A Different Narrative However, not all signs point towards a
clear path to success for PEPE. While the token movements suggest
some bullishness, a crucial metric paints a contrasting picture.
The Weighted Sentiment, which reflects investor sentiment towards
PEPE, has recently declined. Related Reading: Bitcoin Dips, But
Don’t Panic: ETFs See Three Days Of Bullish Inflow This could
indicate a weakening of investor confidence and potentially
foreshadow a decrease in demand for the memecoin. If this metric
continues to fall, it could invalidate the current bullish bias
surrounding PEPE, making a significant price hike less likely.
Quick Technical Overview On a brighter note, PEPE shows strong
bullish momentum with a 74/26 split favoring positive sentiment.
This aligns with the recent price increase and suggests continued
investor optimism. However, it’s crucial to monitor social media
chatter and news articles for any potential shifts in sentiment
that could impact price movement. While the current outlook is
positive, remaining vigilant is key in this volatile market.
Source: Changelly PEPE Price Prediction Meanwhile, amidst the
volatility of the cryptocurrency market, Pepe’s price fluctuations
have captured the attention of crypto experts, prompting
projections for its trajectory in April 2024. Analyses indicate an
anticipated average PEPE rate of $0.0000140 during this period,
reflecting both the potential for growth and the inherent
uncertainty within the market. While these projections offer
insights into the expected average price, it’s essential to
acknowledge the range of possibilities. Experts suggest that Pepe’s
minimum and maximum prices in April 2024 could vary significantly,
with estimates ranging from 0.00000745 to 0.00000745. Featured
image from Pexels, chart from TradingView
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