Pepe’s [$PEPE ] price witnessed a sudden uptick on the 23rd of February 2024, making it one of the top gainers in the BNB Chain ecosystem. However, the meme coin couldn’t sustain the momentum as its daily chart quickly turned red once again.
A Setback for PEPE Investors:
According to a recent tweet from BSCDaily, a popular source for updates related to the BNB Chain ecosystem, PEPE’s price surged by 20% on the 23rd of February, making it the top gainer in the ecosystem. However, this double-digit price hike was short-lived as PEPE's price dropped by nearly 9.5% in the last 24 hours, nullifying its gains.
At press time, PEPE was trading at $0.00000119 with a market capitalization of over $262 million, with more than 46% of PEPE investors facing losses.
Analyzing the Decline:
To understand the decline, AMBCrypto analyzed Santiment’s data, revealing a sharp spike in PEPE’s exchange inflow while its price rose, typically indicating a bearish signal. Additionally, after a brief rise in weighted sentiment, the sentiment turned bearish again.
However, despite the decline in price, whale activity around PEPE remained high, with an increase in the number of whale transactions and holdings by top addresses.
What Should Investors Expect:
While some market indicators supported further declines, such as the MACD displaying the possibility of a bearish crossover and the Money Flow Index (MFI) registering a slight downtick, others looked bullish. For instance, PEPE’s Chaikin Money Flow (CMF) rebounded from the neutral mark, suggesting a potential lift in its value in the coming days.
Meanwhile, PepeFork [PORK], a coin resulting from a fork from the original blockchain, also experienced a similar fate, with its value dropping by over 7% in the last 24 hours.
Conclusion:
PEPE's recent price surge followed by a decline highlights the volatile nature of meme coins and the challenges faced by investors navigating this market. While indicators suggest a mixed outlook for PEPE's future, investors should exercise caution and conduct thorough research before making investment decision
