Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
Pepe [PEPE] came back to the limelight following a major drop in its price. The memecoin has suffered a drop of 5% within the last five days.
Realistic or not, here’s PEPE’s market cap in BTC’s terms
Besides, PEPE suffered a major rug pull in late August. About 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 months, simply because of how it has surprised investors on several occasions. Not only did the memecoin 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.
Source: ChatGPT
Let’s look at PEPE’s metrics
PEPE’s price fell nearly 5% over the last week. At press time, it was trading at $0.000000638.
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.
Source: PEPE/USD, TradingView
While the memecoin’s Relative Strength Index (RSI) rested above the neutral 50-mark, its Money Flow Index (MFI) rested below it. In conclusion, PEPE’s on-chart indicators suggest a bearish price movement.
But when we asked ChatGPT if it sees PEPE’s price reaching $1 anytime soon, it said it could happen within the next 2-3 years.
Source: ChatGPT
The meme coin battle is getting exciting
Unlike PEPE’s price action, the prices of Dogecoin [DOGE] and Shiba Inu [SHIB] are nearly the same as they were a week earlier. At press time, DOGE was trading at $0.05944, and SHIB was trading at $0.000006942.
How much are 1,10,100 PEPEs worth today?
When we asked the AI bot about the possibility of PEPE beating Dogecoin and Shiba Inu in the memecoin battle, it said the memecoin has the potential to compete.
Source: ChatGPT