![Pepe’s [PEPE] chart turns red – is the memecoin hype coining to an end?](https://i.headtopics.com/images/2023/5/8/cryptoamb/pepe-s-pepe-chart-turns-red-is-the-memecoin-hype-c-pepe-s-pepe-chart-turns-red-is-the-memecoin-hype-c-1655370680882348033.webp)
PEPE’s supply on exchanges has increased lately while its supply outside of exchanges has declined. Social volume remained high though.
During that time, PEPE’s performance on the social front was also commendable. Santiment’s chart revealed that PEPE’s social volume was substantially high. Considering the spike in weighted sentiments, it was likely that most of the memecoin’s mentions were bullish.However, the whales might have changed their minds during the price decline. Santiment’s chart pointed out that whale transaction counts increased during that period, suggesting increased whale sales.
This was accompanied by a decline in supply outside of exchanges, further proving that the memecoin was under selling pressure. However, a slight relief was that the memecoin’s trading volume declined while its price went down.A look at PEPE’s four-hour chart suggested that the sellers were ahead of the buyers. The memecoin’s Relative Strength Index registered a decline and was heading towards the neutral mark of zero. Its Money Flow Index also followed the same trend as it registered a decline.
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