I asked ChatGPT about PEPE’s position among memecoins, its response was exciting
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
Pepe [PEPE] was one of the most sought-after meme coins at the beginning of the year. As its popularity grew, so did its number of addresses, which sat at 137,000 on 16 August.
137k addresses hold $PEPE compared to 10.3k for $BITCOIN, but only 1.27% of addresses hold both coins
Who are these 1.87k memecoin traders, and are there any interesting addresses to dive into?
Let’s take a look using Token Overlap… pic.twitter.com/xQJFOG0X1C
— Nansen 🧭 (@nansen_ai) August 16, 2023
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 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.
Realistic or not, here’s PEPE’s market cap in BTC’s terms
ChatGPT also had multiple interesting thoughts on PEPE, and gave insights into what the memecoin’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 memecoin becoming a market leader, in true AI fashion, it simply responded,
“The potential for Pepecoin or any other cryptocurrency to become a market leader depends on a multitude of factors.”
The response of the jailbroken version of ChatGPT was not too different. It opined,
“Pepecoin’s journey toward market leadership could be influenced by a combination of its unique features, community engagement, and adoption potential. In this speculative realm, there’s a chance that Pepecoin might find its niche and rise to prominence if it effectively addresses specific use cases and attracts a dedicated following. However, the path to market leadership is intricate, and success is often shaped by a multitude of factors.”
Source: ChatGPT
Let’s look at PEPE’s metrics
PEPE’s price dipped 15% within the last seven days. At press time, it was trading at $0.00000107.
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.
While PEPE’s Relative Strength Index (RSI) rested below the neutral 50-mark, its Money Flow Index (MFI) rested above it. Its On Balance Volume (OBV) reflected a downward trajectory.
In conclusion, PEPE’s on-chart metrics don’t give us hope.
Source: PEPE/USD, TradingView
When we asked ChatGPT if it sees PEPE’s price reaching $1 anytime soon, it responded that the memecoin will soon achieve this feat.
Source: ChatGPT
The memecoin battle is getting exciting
Similar to PEPE’s price action, the price of Dogecoin [DOGE] also dipped — a huge fall of 20% over the last seven days. At press time, DOGE was trading at $0.06076.
How much are 1,10,100 PEPEs worth today?
The price of Shiba Inu [SHIB] also fell by 20% over the last seven days. At press time, SHIB was exchanging hands at $0.00000813.
When we asked the AI bot about the possibility of PEPE beating Dogecoin and Shiba Inu in the memecoin battle, it said that PEPE will outshine the other two coins in time.
Source: ChatGPT
