Pepe [PEPE] recently witnessed a significant surge in social media activity, which coincided with a notable price spike.
However, this surge has begun to reverse, following a trend observed over the past 24 hours where both social media buzz and prices have started to stabilize.
Sudden Surge in Pepe’s Social Media Activity and Price
Recent data from Santiment highlights a spike in Pepe’s social media volume on the 6th of October, reaching 289, the highest level recorded since June.
This increase signified a surge in discussions surrounding Pepe across various social media platforms. Initially, the price reacted positively, with Pepe experiencing a 9.41% boost, rising from approximately $0.000009 to $0.00001.
This surge propelled the price above its 200-day moving average, a significant resistance level. Nevertheless, the excitement was short-lived, as prices typically recede once the social media hype wanes.
Pepe’s Price Retracement Post-Surge
Following the short-lived rally, Pepe’s price has begun to retract. In the last 24 hours, Pepe witnessed a 4.20% decline, pushing its price down to around $0.0000098.
Currently, the memecoin is trading at roughly $0.0000095, indicating an additional 2.8% drop.
In spite of the price reduction, Pepe’s Relative Strength Index (RSI) remains above the neutral line, suggesting a continued bullish trend. However, a prolonged decline could transition the RSI into bearish territory, signaling further downward movement in the ongoing trading session.
Declining Volume Despite Positive Sentiment
Pepe’s trading volume surged alongside its social media activity and price spike, rising from $900 million to over $1.2 billion, and further to $1.3 billion as the price dipped in the recent trading session.
Currently, the volume has slightly decreased to $1.2 billion.
Despite the price decline, the Weighted Sentiment surrounding Pepe remains optimistic. Sentiment analysis indicates a positivity level of 1.2%, reflecting a market dominated by more buyers than sellers.
This suggests that long positions continue to dominate, even amidst the price retracement.