that of Pepe PEPE/USD whale activity and increased trading volumes signal growing market interest.
What happened: Crypto trader Eugene Ng Ah Sio wondered in a job on X if Pepe is the “unloved” Ethereum ETH/USD beta.”
After the recent listings of Robinhood and Upbit, PEPE maintained a steady consolidation between the two, as capital shifted to other altcoins.
With ETH now showing significant idiosyncratic strength, a PEPE revaluation could be on the horizon, according to the trader.
Another trader, Javon Marks, predicts that if the current breakout holds, PEPE could see an additional 65% upside, targeting $0.00000375 in the near term and up to $0.0000063 at the upper end.
Likewise, trader Davie Satoshi predicted PEPE’s next step towards a new all-time high is imminent, while Crypto Amsterdam strong points The strength of Ethereum as a catalyst for PEPE’s bullish outlook.
Why it’s important: PEPE trails only Dogecoin DOGE/USD in 24-hour trading volume, highlighting its strong presence in the meme coin market. The official page of the piece reflects his cheerful confidence, declaring that “the most entertaining outcome is the most likely.”
Recent whale activity has further fueled interest.
A dormant PEPE wallet that recently turned $74 into $6.16 million transferred its 284.71 billion tokens remaining in Kraken after two years of inactivity, suggesting a potential market upheaval.
Data from IntoTheBlock shows a 23.4% increase in Pepe’s large transaction volume and a 3% drop in daily active addresses. Transactions over $100,000 increased from 539 to 778.
With a 151% rise over the past month, 84% of Pepe holders are making profits.
At the time of writing, PEPE is trading at $0.00002104, down 1.7% on the day.
And then: As Ethereum gains momentum, traders believe Pepe could capitalize on the bullish sentiment in the broader crypto market. A sustained breakout could drive the same coin to new highs.
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