Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
Amidst a bearish trend this week, Pepe [PEPE] could not hold its position among the top 100 cryptocurrencies by market size.
Realistic or not, here’s PEPE’s market cap in BTC’s terms
Besides, PEPE had suffered a major rug pull towards the end of last month. 16 trillion PEPE tokens worth $15 million flooded crypto exchanges, like Binance [BNB], 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
Nonetheless, PEPE has become one of the most popular memecoins 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.
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 fell nearly 10% over the last seven days. At press time, it was trading at $0.000000617.
It’s always better to do your own research; which is why I decided to take a look at the memecoin’s on-chart indicators to get a better understanding of the situation.
Both the meme coin’s Relative Strength Index (RSI) and Money Flow Index (MFI) rested below the neutral 50-mark. Its On Balance Volume (OBV) also reflected a downtick.
In conclusion, PEPE’s on-chart metrics point towards a further bearish price movement.
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 $0.06157.
How much are 1,10,100 PEPEs worth today?
The price of Shiba Inu [SHIB] dropped 2% within the last seven days. At press time, SHIB was exchanging hands at $0.000007302.
When we asked the AI bot about the possibility of PEPE beating Dogecoin and Shiba Inu in the meme coin battle, it said that it has the potential to leapfrog both.