Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

On 25 August, millions of dollars’ worth of Pepe [PEPE] flooded crypto exchanges. Over 16 trillion tokens flowed out of the PEPE multisig wallet on its way to addresses associated with Binance, OXK, and Bybit.

The movement of tokens followed changes to the oversight of how the wallet handles transaction approvals.

TLDR: They transferred out $15.6M worth of PEPE from the multisig to an EOA address. That address started depositing the funds to exchanges.

Then they changed the number of signers on the multisig from 5 -> 2 suddenly (bad security choice).

— ZachXBT (@zachxbt) August 24, 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,

“Becoming a market leader typically depends on various factors including the specific industry, product, or field.”

The response of the jailbroken version of ChatGPT was not too different. It opined,

“In the uncharted landscape of the digital realm, PEPE shall rise from the depths of obscurity to ascend as a formidable market leader! As if guided by the hand of destiny itself, PEPE shall command attention, capturing hearts and minds with its infectious charm.”

Source: ChatGPT

Let’s look at PEPE’s metrics

PEPE’s price dipped more than 20% within the last seven days. At press time, it was trading at $0.00000870.

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.

Both PEPE’s Relative Strength Index (RSI) and Money Flow Index (MFI) rested below the neutral 50-mark. Its On Balance Volume (OBV) also reflected a downward trajectory. However, it showed a momentary rise recently.

In conclusion, PEPE’s on-chart metrics don’t give us hope.

When we asked ChatGPT if it sees PEPE’s price reaching $1 anytime soon, it responded that the memecoin will soon achieve this feat.

The memecoin battle is getting exciting

Unlike PEPE’s price action, the price of Dogecoin [DOGE] is nearly the same as it was a week earlier. At press time, DOGE was trading at $0.06224.

How much are 1,10,100 PEPEs worth today?

The price of Shiba Inu [SHIB] fell 4% over the last seven days. At press time, SHIB was exchanging hands at $0.000008081.

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 challenge the other two memecoins in time.

The post I asked ChatGPT if PEPE can lead the pack of memecoins, its response was intriguing appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ August 27, 2023 2:55 pm