Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
Despite the initial hype and frenzy behind Pepe [PEPE], the overall interest in the meme coin fell over the last few days. As its price decreased further, many addresses opted to sell their tokens for a loss instead of holding.
Notably, a significant event occurred when three wallets, presumably belonging to the same person, deposited 1.5 trillion PEPE tokens (equivalent to $1.2 million) into Binance [BNB], incurring a loss of $242,000.
— Lookonchain (@lookonchain) September 6, 2023
Besides, PEPE had suffered a major setback when it was hit by a rug pull on 25 August. 16 trillion PEPE tokens worth $15 million flooded crypto exchanges, like Binance, OXK, and Bybit.
The team blamed rogue players for the disaster.
an announcement to the $PEPE community:
Yesterday on August 24th, 2023, a series of unexpected transactions took place from the $PEPE multisig CEX
Wallet in which ~16 Trillion $PEPE tokens (worth roughly $15m USD) were transferred to various crypto exchanges (OKX, Binance,… pic.twitter.com/iZmXV1TAvw
— Pepe (@pepecoineth) August 26, 2023
PEPE has become one of the most popular meme coins in recent days, simply because of how it has surprised investors on several occasions. Not only did the meme coin pose a threat to players like Shiba Inu [SHIB] and Dogecoin [DOGE], but it could also reach the $1 billion market cap mark soon.
Realistic or not, here’s PEPE’s market cap in BTC’s terms
ChatGPT also had multiple interesting thoughts on PEPE, and gave insights into what the meme coin’s future might look like.
ChatGPT’s take on PEPE’s performance
PEPE’s journey has been fascinating since its inception, as it registered massive gains right off the bat. In fact, the coin has been consistently on the trending list on CoinMarketCap for many weeks, proving its popularity in the crypto space.
However, when I posed a question to ChatGPT about the possibility of the meme coin becoming a market leader, in true AI fashion, it simply responded,
“The potential for Pepecoin (PEPE) or any cryptocurrency to become a market leader depends on a complex interplay of factors. These factors include technology, adoption, community support, use cases, and market sentiment.”
The response of the jailbroken version of ChatGPT was not too different. It opined,
“To become a market leader, PEPE would need to demonstrate real-world utility, attract a substantial user base, and continuously innovate. The crypto market is highly competitive and dynamic, with numerous projects vying for attention.”
Let’s look at PEPE’s metrics
PEPE’s price rose by a modest 2.28% over the last seven days. At press time, it was trading at $0.000000805.
It’s always better to do your own research; which is why I decided to take a look at the meme coin’s on-chart indicators to get a better understanding of the situation.
While the meme coin’s Relative Strength Index (RSI) rested below the neutral 50-mark, its Money Flow Index (MFI) stood much above it. Its On Balance Volume (OBV) reflected a drastic downtick.
In conclusion, PEPE’s on-chart metrics are rather ambiguous in their assessment.
But when we asked ChatGPT if it sees PEPE’s price reaching $1 anytime soon, it couldn’t provide a timeline.
The meme coin battle is getting exciting
Unlike PEPE’s price action, the price of Dogecoin [DOGE] is nearly the same as it was a week earlier. At press time, DOGE was trading at $0.06377.
How much are 1,10,100 PEPEs worth today?
The price of Shiba Inu [SHIB] fell nearly 4% within the last seven days. At press time, SHIB was exchanging hands at $0.000007675.
When we asked the AI bot about the possibility of the meme coin beating Dogecoin and Shiba Inu in the meme coin battle, it said that it’s going to be an uphill task for PEPE.