- PEPE’s renewed curiosity led to a surge in its market cap
- Memecoin’s recognition on social media remained comparatively excessive too
PEPE holders had began to lose hope in the direction of the start of the 12 months, particularly after different memecoins surged dramatically. This, whereas PEPE itself declined on the charts.
Market cap on the rise
As a result of this, PEPE began to lose market cap and different memecoins akin to WIF took its spot. Nevertheless, curiosity in PEPE has surged once more, inflicting its market cap to soar. In truth, at press time, this memecoin’s market cap was nearly double that of WIF’s.
![](https://ambcrypto.com/wp-content/uploads/2024/06/Screenshot-2024-06-02-at-3.52.26%E2%80%AFPM-1024x907.png)
![](https://ambcrypto.com/wp-content/uploads/2024/06/Screenshot-2024-06-02-at-3.52.26%E2%80%AFPM-1024x907.png)
Supply: X
Regardless of the hike in market cap and curiosity although, the final 24 hours weren’t constructive for PEPE. On the time of writing, PEPE was buying and selling at $0.0000145, following a 5.76% decline. Regardless of the identical, nonetheless, the general outlook for the altcoin remained constructive.
In truth, since 15 Might, the memecoin’s worth has been on an upward trajectory. Throughout this era, PEPE’s worth flashed a number of larger highs and better lows on the charts – Indicative of a bullish development.
The RSI (Relative Power Index) for PEPE fell to 43.75 too, implying a decline in bullish momentum throughout the market. Furthermore, the CMF (Chaikin Cash Move) for PEPE fell to -0.09 – An indication of capital outflows.
That being stated, it will take a major quantity of promoting strain to drive the memecoin’s worth down and reverse the bullish development across the altcoin.
![](https://ambcrypto.com/wp-content/uploads/2024/06/PEPEUSDT_2024-06-02_15-59-19.png)
![](https://ambcrypto.com/wp-content/uploads/2024/06/PEPEUSDT_2024-06-02_15-59-19.png)
Supply: Buying and selling View
Looking at social information
Social exercise across the memecoin will play a significant function in figuring out the way forward for the token’s worth. AMBCrypto’s evaluation of Santiment’s information revealed that the social quantity for PEPE surged materially over the previous couple of weeks. This heightened recognition might help the memecoin maintain its momentum for its rally.
Nevertheless, there are a couple of issues that PEPE may face because of the total sentiment across the token. On the time of writing, the weighted sentiment had turned from extraordinarily excessive to extraordinarily low in only a matter of days. For context, weighted sentiment is the measure of the ratio of constructive to destructive feedback.
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A fluctuating weighted sentiment implied that there was no constant narrative round PEPE on social media platforms. The temperament of customers on the community was noticed to be transferring from bullish to bearish in a matter of some days. This could possibly be an indication of volatility on PEPE’s charts within the close to future.
![](https://ambcrypto.com/wp-content/uploads/2024/06/Pepe-PEPE-16.21.53-02-Jun-2024.png)
![](https://ambcrypto.com/wp-content/uploads/2024/06/Pepe-PEPE-16.21.53-02-Jun-2024.png)
Supply: Santiment