Pepe Coin generated 6.09 million social mentions, surpassing leading crypto Bitcoin and leading altcoin Ethereum combined. However, a popular trader sees resistance levels as short selling opportunities.
PEPE social betting surpasses BTC and ETH
cryptocoin.com As you follow on, the meme coin PepeCoin has recently stepped into the market. However, the altcoin surpassed Bitcoin (BTC) and Ethereum (ETH) total social media mentions in the past month. These data show that PEPE continues to attract the attention of investors.
According to LunarCrush, a leading social analytics platform for cryptocurrencies, PEPE has received 6.09 million social media mentions in the past 30 days, dwarfing the mentions of the two leading digital assets. Leading crypto Bitcoin recorded 3.06 million mentions in the same period. Leading altcoin Ethereum fell behind with 2.88 million mentions, reflecting its significant presence in the crypto space.
👀There were 6.09 million $PEPE social mentions over the last 30 days. This is more than #bitcoin and #ethereum combined.$BTC had 3.06 million mentions.$ETH had 2.88 million mentions.https://t.co/OqrSZHUYxX pic.twitter.com/35tipx2DcZ
— LunarCrush (@LunarCrush) May 23, 2023
Pepe Coin has not gained the same level of fame as Bitcoin or Ethereum. However, its remarkable rise in social mentions indicates increased interest and engagement from enthusiasts and investors.
Does Altcoin offer a short selling opportunity?
It is important to note that social media activity by itself does not imply core value or market performance. Popular trader Michaël van de Poppe recently shared a cautionary analysis suggesting that resistance levels on the token chart could present short opportunities despite increased social activity.
Request 03 – $PEPE
This chart continues the downtrend, which means that every block of resistance is basically an area to short, just like the 160000 area.
I'd prefer to see that reclaimed, if you want to long, otherwise short until 147000 and 115000 or even 85000. pic.twitter.com/YqMjpENV54
— Michaël van de Poppe (@CryptoMichNL) May 22, 2023
According to Van de Poppe, the PEPE chart reflects an ongoing downtrend. This implies that each resistance block could potentially be an area to short the market. Specifically, the analyst is highlighting the $0.0000016 resistance level as an area of interest for a potential short opportunity. The trader suggests that it would be preferable for the token to recover this level for traders considering long positions. However, if resistance remains intact, he recommends shorting the token until it reaches support levels as low as $0.00000147, $0.00000115 or even $0.00000085.
According to experts, PEPE will ‘rug pull’!
Recently, the token has seen phenomenal growth in a short period of time. Despite this, some analysts argue that PEPE is a scam. These include DeFi Watch Founder Chris Blec, CryptoLaw Founder attorney John Deaton. In addition, Dizer Capital Founder Yassin Mobarak also views PEPE as a scam.
According to Coin Market Cap, PEPE has surpassed half a billion dollars in market capitalization despite being launched just last month. It also secured the position of the third largest meme coin by crypto market share. PEPE is currently trading at $0.0000016, up 2.15% in the last 24 hours.
