Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
Pepe [PEPE] has been on a steady decline in Q3 2024, chalking a descending channel. The recent recovery attempt faced a price rejection at the range-high of $0.00000085, which could further derail bullish efforts. Other memecoins also posted significant losses in Q3.
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 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.”
Source: ChatGPT
Let’s look at PEPE’s metrics
PEPE’s price fell nearly 12% over the last week. At press time, it was trading at $0.000000705.
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
Both the memecoin’s Relative Strength Index (RSI) and Money Flow Index (MFI) rested below the neutral 50-mark. 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 didn’t give a definitive answer.
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 $0.06109, and SHIB was trading at $0.000007188.
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 meme coin battle, it said that it will carve a “distinctive niche.”
Source: ChatGPT