Can Famous Memecoin PEPE Make a Comeback? Is There Another Chance?

• When Pepe faced a major selling pressure, its official Twitter account shared a tweet explaining the reason behind this decline. This situation partially helped to keep the coin afloat.
• According to the data, the price of PEPE dropped by approximately 4% in the last 24 hours. At the time of writing, the price of 1 PEPE was trading at 0.0000008718 dollars and its market value was over 341 million dollars.
• The Velocity metric of the memecoin also decreased, meaning that the memecoin was used less frequently in transactions within a specified time frame.

Issues within the PEPE team turned into a crisis and the memecoin started losing the trust of investors: Can PEPE make a comeback?

Betrayal in the PEPE Team

When Pepe faced a major selling pressure, its official Twitter account shared a tweet explaining the reason behind this decline. This situation partially helped to keep the coin afloat, but many traders still approached the memecoin with skepticism. The evidence for this was that several investors continued to sell their holdings. Considering the magnitude of the recent selling pressure, should investors expect a comeback from PEPE?

As previously reported, three former team members stole millions of dollars worth of tokens and sent them to exchanges to sell. After leaving the multi-signature system, they deleted all their social media accounts in order to distance themselves from the memecoin. Following the announcement, the price movement of the memecoin gained some stability and the downward trend came to an end.

According to the data, the price of PEPE dropped by approximately 4% in the last 24 hours. At the time of writing, the price of 1 PEPE was trading at 0.0000008718 dollars and its market value was over 341 million dollars. However, the 24-hour trading volume of the memecoin decreased by more than 40%, which was a bearish sign.

In fact, several investors were still selling their holdings. According to the data, one of the early buyers of PEPE sold the remaining 1 trillion PEPE for 537 ETH, which was worth 885 thousand dollars.

What to Expect from PEPE?

The selling pressure turned into a situation where entry into the market significantly decreased. The price drop also sharply reduced the MVRV Ratio in the last few days. The Velocity metric of the memecoin also decreased, meaning that the memecoin was used less frequently in transactions within a specified time frame.

Nevertheless, the whales remained confident that PEPE would make a comeback soon, as the supply in the largest addresses increased in the last few days.

Looking at the daily chart of the coin, the On Balance Volume (OBV) significantly decreased. The Money Flow Index (MFI) recorded a decline and remained well below the neutral level. Additionally, the MACD indicated that bears were controlling the market, increasing the likelihood of further price drops for PEPE.

However, the Relative Strength Index (RSI) was slightly bullish as it had recovered from the oversold zone. Considering the mentioned metrics and indicators, it can be said that the likelihood of a comeback for PEPE in the near future is lower.

Famous Memecoin PEPE, Can It Make a Comeback? Is There Another Possibility? news was first published on CoinOtag.