Pepecoin (PEPE) has recently gained significant attention on social media platforms, outperforming Bitcoin in terms of buzz and hype.
As the cryptocurrency market continues to evolve rapidly, the power of social media in driving prices and market sentiment cannot be underestimated.
With Pepecoin generating a surge of interest and excitement among investors and traders, the question now arises: could this trigger a renewed bullish run for PEPE?
Pepecoin, named after the popular Pepe the Frog meme, has emerged as a promising new player in the cryptocurrency space. Its community-driven approach and unique branding have attracted a loyal following, which has helped it gain traction on social media platforms like Twitter and Reddit.
Pepecoin (PEPE) Emerges As A Social Media Darling
Pepecoin (PEPE) has taken the cryptocurrency world by storm, surpassing Bitcoin and other popular digital assets in terms of social media buzz. This newfound attention has triggered a surge in discussions and mentions of PEPE on various social media platforms, as tweeted by LunarCrush, a leading social analytics platform.
This metric indicates extremely heavy community participation in social posts, measured by likes, retweets, comments, bookmarks, influential account participation, and more.… pic.twitter.com/5omzcenzKN
— LunarCrush (@LunarCrush) May 13, 2023
The platform’s data reveals that PEPE has emerged as the frontrunner in social engagement activity, outperforming even Bitcoin and Shiba Inu (SHIB) in this metric. While Bitcoin claimed the second spot, Shiba Inu lagged behind in seventh place.
With millions of users actively discussing and sharing information about digital assets, social media platforms have become breeding grounds for hype and speculation.
LunarCrush’s data indicates that PEPE has managed to capture the attention and enthusiasm of crypto enthusiasts, generating a significant level of social engagement. This surge in online activity suggests that investors and traders are closely monitoring PEPE and may be considering it as a potential investment opportunity.
PEPE Price Struggles To Move Up Despite High Social Engagement Activity
Despite the high levels of social engagement and buzz surrounding Pepecoin, the cryptocurrency has seen a dip in its price over the past few days. CoinGecko reports that as of this writing, PEPE’s price stands at $0.00000175, which marks an 8.7% decrease in the past 24 hours.
Moreover, over the past week, the cryptocurrency has seen a significant decline of 29.0%, highlighting a bearish trend that may have shaken the confidence of some investors.
BTCUSD reclaims $27K region on the daily chart at TradingView.com
The decline in PEPE’s price is particularly noteworthy given the recent surge in social media activity surrounding the coin. While it is too early to say what the future holds for Pepecoin, the current bearish trend may signal a correction after the initial hype surrounding the coin.
-Featured image from F1