Will Pepe Price Outshine SHIB for Good? – This Indicator Says Yes
Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...
The Pepe price has dropped by 4% in the past 24 hours, declining to $0.000007143 as the cryptocurrency market loses 2.5% today.
The meme token is also down by 0.5% in a week and by 12.5% in the last 30 days, yet it retains a highly impressive 920% increase in the past year.
And while it has fallen more recently, its 24-hour trading volume remains relatively high at $1 billion today, which far exceeds the volumes for Shiba Inu (SHIB) and Dogecoin (DOGE), at $210 million and $500 million, respectively.
This difference highlights how PEPE remains the most popular major meme coin, and that it’s in a leading position to post big gains again once the market returns to growth.
PEPE may be down today, but its indicators are now moving into a position where the coin will be likely to bounce back up again.
This is particularly evident with its relative strength index (purple), which dropped almost to 30 this morning, a prelude to a rebound.
On the other hand, PEPE’s 30-period moving average (orange) is just about to fall below the 200-period average (blue), so it may be a day or two yet before we see a proper recovery.
Either way, it’s encouraging to note that PEPE’s trading volume is still fairly high today, at $1 billion.
Here are the top 10 #MEMEcoins with the highest liquidity on DEX:$SLERF: $46M$BOME: $37M$PEPE: $36M$MEW: $30M$FLOKI: $29M$WIF: $21M
$BabyDoge: $17M$WHY: $16M$POPCAT: $15M$CAT: $14M pic.twitter.com/XV2RDktGVG
As mentioned above, this is much higher than the volumes we see for DOGE and SHIB today, suggesting that PEPE
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