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Why PEPE Memecoin is Notable Amid Market Volatility: Positive Indicators and Potential Risks
Is PEPE Ready for a Rise?
Memecoin fans, pay attention! Following the market’s recent unsuccessful bullish effort, all focus should now shift to PEPE. Why is that? Notably, whenever market volatility subsides, PEPE consistently emerges as the memecoin with the highest social engagement. At the time of writing, Bitcoin and altcoins were at lower levels, while interest in memecoins such as PEPE was increasing. Additionally, Kucoin revealed that PEPE was the most searched coin of the week.
Key Metrics and Indicators: Insights
As a result, analysts and traders began to investigate. What is driving PEPE’s social engagement? Interestingly, major addresses holding PEPE have been accumulating since mid-August. Moreover, its weighted sentiment reached a low point on August 25 but showed a remarkable recovery by August 30.
Nevertheless, despite these encouraging metrics, PEPE recently dropped to a four-month low. This bearish trend indicates that the coin is oversold. Therefore, this could be an ideal moment for PEPE bulls to take charge, particularly given that it is the most searched coin.
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To Rally or Not To Rally?
So, does this imply that PEPE is on the verge of a rally? Not so quickly. While accumulation by major addresses is a favorable indicator for PEPE bulls, it does not ensure a rally. Furthermore, memecoins like PEPE typically depend on speculative interest rather than practical applications, a characteristic they share with others like Shiba Inu and Dogecoin.
Whales Still Influence the Market
The upcoming days and weeks are critical for PEPE. The coin remains highly centralized, with over 96% of its circulating supply controlled by whales. These large holders have the ability to significantly affect PEPE’s price movements, for better or worse.
Additionally, current demand has not yet facilitated a positive shift for PEPE. However, considering its present oversold condition and elevated social engagement, PEPE has the potential to draw in new bullish interest. Whether it can generate substantial demand from the retail sector is yet to be determined.
In conclusion, while PEPE displays some bullish indicators amid low market volatility, it also presents its own set of risks. Regardless, it is a memecoin worth monitoring as the market evolves.
The post Why is PEPE Memecoin One to Watch During Market Uncertainty: Bullish Signs and Risks appeared first on BitcoinWorld.
