PEPE may face a second sell-off in the short term: report
- Santiment shared his latest report on his vision of PEPE via a tweet this morning.
- According to the report, on-chain metrics were heralding PEPE’s recent sell-off.
- The visions revealed that there may be another discharge of PEPE in the near future.
Blockchain intelligence firm Santiment shared its latest insights into Pepe (PEPE) in a tweet this morning. This report comes after the PEPE price fell significantly after surging +1,200% between April 29 and May 5 of this year.
According to Santiment’s insights, enthusiastic investors have been trying to buy into the recent decline in the cryptocurrency price with the hope that it will continue its impressive bullish streak. Unfortunately, these efforts to buy the dip were not very effective, the report added, as large titles continued to sell off their PEPE holdings.
This has sent the price of the meme coin down almost as fast as it has risen, down nearly 65% since its all-time high (ATH) on May 5. According to the report, the company’s measure of social dominance predicted that the altcoin’s price would drop completely.
The index showed that PEPE’s social dominance decreased from 5% to between 1-2% an hour before it set its ATH. This indicates that traders are starting to shift their attention from PEPE to other altcoins.
Number of PEPE active addresses leading to ATH (Source: Santiment)
Moreover, the number of unique addresses holding PEPE has also increased which has led to an increase in its price. However, a closer look at this on-chain metric revealed that the big titles started selling off their holdings shortly before the cryptocurrency price peaked.
Santiment also warned that an increase in large addresses containing 100 million PEPE or more would be an early indication of a second dump in the short term. However, the second sell-off is expected to not be as violent as the previous one.
At time of publication, PEPE is trading at $0.000001116 at time of publication and is down by more than 36% according to CoinMarketCap. The altcoin also weakened against the cryptocurrency market leaders in the last 24 hours, down 33.80% against (BTC) and 33.60% against (ETH).
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