On-chain data reveals that Pepe (PEPE) is at its peak overvaluation for the year, largely due to a whale withdrawing tokens worth $28.40 million from Bybit. PEPE's Network Value to Transaction (NVT) ratio, now at 202, has surged by 494% in the last 24 hours, indicating market speculation.
This spike in the NVT ratio suggests that PEPE's market capitalization is rising faster than actual network transactions, signaling overvaluation and unsupported market conditions. Additionally, the volume of PEPE trading has surged by 70%, while its price fell by 4% to $0.0000071, reflecting weak market interest.
The Chaikin Money Flow (CMF), which monitors capital movements, also indicates a downturn. With the CMF below zero and declining, this signifies increased liquidity exits and reduced buying pressure. If this trend continues, PEPE's value could drop to $0.0000059.
Conversely, if market sentiment improves, the meme coin could potentially rise to $0.000010.
