- PEPE was down by nearly 7% over the last 24 hours, along with an increase in trading volume.
- Most on-chain metrics and market indicators remained bearish on the memecoin.
Pepe [PEPE] was once again trending at number one on CoinMarketCap, but not for a good reason this time. The token has witnessed a major price correction over the last 24 hours, which almost brought its value down by double digits. The latest data revealed a possible reason for this decline. Its metrics also suggested that things could turn worse in the coming days. However, a market indicator provided much needed hope for a halt in PEPE’s price decline.
Realistic or not, here’s PEPE market cap in BTC‘s terms
Selling pressure peaks
A look at CoinMarketCap’s data revealed that not only was PEPE’s daily chart red, but its weekly price also declined by more than 10%. At the time of writing, PEPE was down by over 7% in the last 24 hours and was valued at $0.000001454. The memecoin had a market capitalization of more than $569 million, making it the 69th largest crypto. Interestingly, the drop in PEPE’s price was accompanied by a rise in its trading volume, which is a typical bearish signal.
Lookonchain’s recent tweet pointed out a sell off, suggesting that the coin was under selling pressure. As per the tweet,
Dimethyltryptamine.eth sold another 180B $PEPE for 149.4 $ETH($279K) an hour ago, and there are currently 2.07T
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Author: Dipayan Mitra
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