Pepe Token generates 6.09M social mentions, surpassing Bitcoin and Ethereum combined, while traders caution resistance levels as shorting opportunities.
The recently launched meme crypto Pepe Token (PEPE) continues to garner investors’ interest, as data suggests it has surpassed the combined social media mentions of Bitcoin (BTC) and Ethereum (ETH) over the past month.
According to LunarCrush, a leading social analytics platform for cryptocurrencies, PEPE has garnered an impressive 6.09 million social mentions in the past 30 days, eclipsing the mentions of the top two leading digital assets.
The firstborn crypto Bitcoin recorded 3.06 million mentions during the same period. Ethereum, the world’s second-largest crypto asset, trailed behind with 2.88 million mentions, reflecting its substantial presence in the digital currency 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
While Pepe Token may not have gained the same level of notoriety as Bitcoin or Ethereum, its remarkable rise in social mentions demonstrates the growing interest and engagement from enthusiasts and investors.
PEPE Shorting Opportunity
It is important to note that social media activity alone does not necessarily equate to fundamental value or market performance. Prominent trader Michaël van de Poppe recently shared a cautionary analysis suggesting that resistance levels on the token’s chart could present shorting opportunities despite the 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 a continued downtrend, implying that every block of resistance could potentially be an area to short the market. He specifically highlights the $0.0000016 resistance level as an area of interest for potential shorting opportunities.
The market analyst suggests that it would be preferable to see the token reclaim this level for traders considering long positions. However, if the resistance remains intact, he advises shorting the token until it reaches the support levels at $0.00000147, $0.00000115, or even as low as $0.00000085.
Experts Think PEPE Will Rug Pull
Recently, TheCryptoBasic published a list of analysts and crypto lawyers who believe the PEPE coin is a scam despite the token’s extraordinary growth within a short while. These include Chris Blec, DeFi Watch Founder; John Deaton CryptoLaw Founder and a pro-XRP attorney; and Yassin Mobarak, Founder of Dizer Capital.
Per data from Coin Market Cap, PEPE now ranks third largest meme coin with a crypto market share of over half a billion dollars despite being launched just last month. PEPE is currently trading for $0.0000016, up 2.15% in the past 24 hours.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.