PEPE has demonstrated commendable performance. Over the past week, prominent meme coins such as DOGE and SHIB have witnessed significant growth, with DOGE surging by over 26% and SHIB's value rising by 10%, according to data from CoinMarketCap. Currently, DOGE is trading at $0.2069, while SHIB is at $0.00003001.
WIF Surpassed PEPE
Although PEPE's growth rate didn't match that of the top two meme coins, it still managed to increase its price by 5% last week. However, WIF has surpassed PEPE to claim the position of the third-largest memecoin.
At the current moment, following its displacement by WIF, PEPE is trading at $0.000008058, boasting a market capitalization exceeding $3.39 billion. Nonetheless, there's a silver lining for PEPE investors, as the recent uptick in price has enabled them to reap profits.
PEPE’s Positive Sentiment - Social Dominance | Source: Santiment
According to data from IntoTheBlock, over 77% of PEPE's investors are currently in profit, thanks to the bullish price movement. Consequently, PEPE's social dominance has experienced a surge, accompanied by an increase in positive sentiment surrounding the meme coin during this period.
Read more: PEPE Coin Guide for Beginners
Is PEPE's upward trend sustainable?
With the memecoin's daily chart showing positive movement, a decision was made to delve into its metrics to assess the likelihood of the bullish rally persisting. It was revealed through our analysis that over the past few days, robust buying pressure on the memecoin has been observed.
PEPE’s Supply on Exchanges, Supply outside of Exchange, Supply held by Top Addresses | Source: Santiment
However, a shift in trend became apparent on March 28th. This shift was evidenced by an increase in PEPE's supply on exchanges coupled with a decrease in its supply held outside of exchanges.
Nevertheless, despite this change, large investors, or whales, continued to accumulate PEPE as evidenced by the increase in supply held by top addresses.
Read more: Can PEPE Still Go Up? Looking into The Futures Market
Looking Ahead
Analysis of TradingView's data suggests that investors may experience a period of sluggishness ahead. This is indicated by the Bollinger Bands, which signal that PEPE's price is currently situated within a less volatile range.
Source: TradingView
Despite this, the Money Flow Index (MFI) appears bullish, showing an upward trend and approaching the neutral mark. Consequently, it remains uncertain whether PEPE will reclaim its position as the third-largest meme coin in the immediate future.
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Disclaimer: This response provides information based on available data and general analysis. It does not constitute financial advice. Always perform your own due diligence and consult with a professional financial advisor before making investment decisions.