New York, NY – The realm of memecoins saw a surge in activity last week, with popular cryptocurrencies like Dogecoin (DOGE) and Shiba Inu (SHIB) making significant gains. Amidst this trend, the spotlight turned to another well-known meme coin, PEPE, to gauge its performance in the market.
PEPE, although not experiencing the same level of growth as DOGE and SHIB, managed a 5% increase in its price over the past week. However, it was surpassed by WIF to claim the position of the third-largest memecoin, causing PEPE to trade at $0.000008058 with a market cap exceeding $3.39 billion. Despite this setback, investors in PEPE found themselves in a profitable position, with over 77% of them seeing positive returns on their investment.
Analyzing data from IntoTheBlock, it was revealed that the bullish price movement led to a spike in social dominance for PEPE, along with a rise in positive sentiment surrounding the memecoin. This positive trend was further reinforced by the performance metrics displayed on TradingView, indicating potential sluggish days ahead for PEPE as the price remained in a less volatile range.
Nevertheless, the Money Flow Index (MFI) signified bullish movement with an increase and a trajectory towards neutrality. This uncertain outlook raises questions about PEPE’s ability to reclaim its spot as the third-largest memecoin in the near future. With market indicators pointing towards a potential slowdown, investors are advised to monitor the situation closely for any upcoming developments.