CandleFocus Pepe (PEPE) Reaches Peak Overvaluation, Puts Holders at Risk
2024-09-11
Author: Content Editor
The meme coin Pepe (PEPE) is currently overvalued, according to on-chain data. The Network Value to Transaction (NVT) ratio for PEPE has surged to its highest level since the beginning of the year, indicating that its market capitalization is increasing faster than the volume of transactions on its network. This suggests that the asset is overvalued and not supported by current market conditions. The spike in the NVT ratio is likely due to market speculation, especially after a whale withdrew $28.40 million worth of PEPE tokens from an exchange. The negative divergence between PEPE's price and trading volume further reinforces this outlook, indicating weak buying interest from market participants. The declining Chaikin Money Flow (CMF) also confirms reduced buying pressure and increased liquidity exit. If capital continues to be removed from the market, the value of PEPE could drop further, but if market sentiment improves, the meme coin could see a price increase.
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