• The popularity of Pepe (PEPE) has declined compared to its peak as the meme’s volume and social dominance dropped.
• PEPE’s price action was sluggish last week, with declining bullish sentiment and market indicators suggesting a battle between bulls and bears.
• Whale activity suggested possible accumulation of the coin, but Santiment data showed a decrease in supply held by top addresses.
Pepe (PEPE) Popularity Declining
The memecoin Pepe (PEPE) gained immense popularity since its inception and quickly made it to the list of the top 100 cryptos by market capitalization. However, its popularity seems to have declined as its trading volume went down substantially and social dominance dropped. Market indicators revealed that the bulls and bears were battling each other, while weighted sentiments shifted to the negative side with a decline in bullish sentiment.
Price Action Remains Sluggish
Pepe’s 1-week price volatility plummeted, resulting in little movement in its price over the last 24 hours according to CoinMarketCap. At the time of writing, it was trading at $0.000001528 with a market capitalization of $598 million making it the 69th largest crypto by market cap.
Whale Activity Suggesting Possible Accumulation?
Lookonchain revealed an interesting development in terms of whale activity as one whale withdrew 1.27 trillion PEPE worth nearly $2 million from Binance on 18 May – suggesting that whales could be accumulating the coin. However, Santiment’s data showed that instead there was a decrease in supply held by top addresses while PEPE’s supply on exchanges increased sharply outside exchanges .
The meme’s hype appears to have settled finally with investors selling their holdings due to lack of interest from investors and decreasing popularity overall amid weakening bull sentiment on sentiment metrics like Santiment’s chart which revealed bearish behavior despite increasing exchange volumes for Pepe [PEPE].
It is important for investors to closely monitor changes in sentiment metrics when investing or trading any asset including cryptocurrencies because they can provide valuable insight into where prices may be headed next despite any short term fluctuations due to whale activity or external news events