Odds of PEPE bidding farewell to the top 100 crypto club

PEPE is witnessing a massive increase in selling pressure, which has resulted in a double-digit drop in the memecoin’s price over the last week.

• PEPE’s total number of holders has declined slightly of late.
• Most metrics and indicators were bearish, but the MFT supported the bulls.

Pepe [PEPE] has been having a hard time holding its ground of late as its price continues to fall. If that was not enough, the latest data revealed that investors were selling their PEPE holdings, which can add to the misery. With rapidly declining market capitalization and immense selling pressure, the memecoin might soon slip out of the list of the top 100 cryptos by market cap. 

Sell pressure on PEPE is rising

Lookonchain’s tweet from 11 September 2023 pointed out that a few investors were selling their holdings. As per the tweet, three wallets changed their PEPE positions to PNDC. They sold a total of 1.38 trillion PEPE for 600 ETH, worth $965 thousand, and spent 600 ETH to buy 487 billion PNDC.

A look at the memecoin’s on-chain metrics further established the fact that buying pressure on the coin was high, which is bearish. The memecoin’s supply on exchanges increased sharply over the last few days.

This happened while its supply outside of exchanges dropped, proving an increase in selling pressure. PEPE’s exchange inflow also spiked while its total number of holders dropped.

PEPE’s network activity also dropped off late and its daily active addresses followed a similar declining trend last week. The market’s confidence in the memecoin remained low too as evident from LunarCrush’s data. Over the last seven days, bearish sentiment around PEPE has surged by 47%. 

This is what investors can expect

The increase in selling pressure caused a massive plunge in the memecoin’s price. As per CoinMarketCap, PEPE was down by more than 13% in the last seven days. At the time of writing, it was trading at $0.0000006992 with a market cap of $273 million, making it the 98th largest crypto.

The substantial drop in the memecoin’s market cap, coupled with selling pressure, suggested that the memecoin might soon exit the list of the top 100 cryptos. 

A look at the memecoin’s daily chart provided a better understanding of what might lie ahead. The memecoin’s Chaikin Money Flow (CMF) and On Balance Volume (OBV) both registered declines over the last few days.

Nonetheless, the Money Flow Index (MFI) turned slightly bullish, giving a ray of hope for the memecoin.