- PEPE’s volume fell while POPCAT’s increased, indicating dominance for the latter
- The price of PEPE might drop to $0.0000070 as buying momentum slumped
Dog, frog, or cat? These days, you rarely find a large accumulation that is not linked to memecoins in any of these categories. On 25 April, it was the same as a “big gun” in the market moved 10.99 billion PEPE tokens from Binance.
According to Spot On Chain, the said participant holds 703.75 billion PEPEs. In fact, this asset has generated an incredible $2.65 million in profit. Despite the gains which were around 101%, however, the recent withdrawal suggests that PEPE may have hit a local top on the charts.
At press time, the price of the token was $0.0000075, representing a 40.66% hike in the last seven days. For many, this is a good performance considering the fact many cryptocurrencies have been consolidating.
On the contrary, if accumulation of this magnitude continues for the next few days, PEPE might compete with Popcat [POPCAT]. For those who are unfamiliar, POPCAT is a memecoin built on the Solana [SOL] blockchain.
Capital leaves frogs to cats
Over the last few months, the cryptocurrency has been trending. On a Year-To-Date (YTD) basis, POPCAT’s price has risen by 5,671%. This year, PEPE’s price has also hiked by 440%.
Alas, it seems that the kind of liquidity flowing into PEPE has been nothing compared to the money that cat-themed projects have been attracting.
Nevertheless, if whales keep buying PEPE, the token might try to keep up with POPCAT after recording a $59.01% hike in the last 24 hours.
AMBCrypto looked at the possibility by assessing the on-chain conditions of both projects. The first metric we considered was volume, with the same underlining interest in a certain cryptocurrency.
Source: Santiment
PEPE does not have POPCAT’s strength
At the time of writing, PEPE’s volume was $1.18 billion. For POPCAT, the metric had a figure of $181.77 million. Such a high difference would have suggested that the former was ahead over the last few days.
However, that was not the case. While the frog-themed token’s volume declined, POPCAT’s was a substantial hike from what it was on 24 April. In terms of price, the rising volume alongside the value could trigger a further uptrend for POPCAT.
If this is the case, the speculation around a possible correction could be invalidated. On the other end, PEPE’s falling volume in the last 24 hours might weaken the uptrend.
As such, a possible decline to $0.0000070 could be likely. After that, the price might bounce. However, that would only be the case if buying pressure increases.
Source: Santiment
Additionally, the Relative Strength Index (RSI) on PEPE’s 4-hour chart had a reading of 44.50. This was a sign that bulls might have flocked to other memecoins as buying momentum slowed down.
Realistic or not, here’s POPCAT’s market cap in PEPE terms
Should the reading continue to fall, the prediction above (decline to $0.0000070) might be validated. However, traders might need to keep an eye on the momentum. If the RSI hits the oversold zone around 30.00 or below, a significant recovery could be next.
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