Pepe Up 50% On The Week: 'Cult Community' May 'Flip SHIB And Possibly Even DOGE,' Predicts Influential Trader

Pepe PEPE/USD has generated significant gains over the past seven days, prompting analysts to foresee further bullish price action.

What Happened: Meme coin analyst and trader Murad highlights how Pepe, a “cult community with more than 10 million unique memes,” could flip Shiba Inu SHIB/USD and Dogecoin DOGE/USD:

I think it is possible that $PEPE flips $SHIB and possibly even $DOGE.$PEPE is a cult community with 10,000,000+ unique memes that is perpetually relevant to modern culture, while $DOGE is literally just a single pic and $SHIB has zero memes to speak of.

— Murad (@MustStopMurad) April 23, 2024

He calls the meme coin “perpetually relevant to modern culture, while DOGE is just a single pic and SHIB has zero memes to speak of.”

While the crypto community had different reactions to the tweet, some suggested other meme coins like Floki FLOKI/USD that could flip the meme coin leaders instead of Pepe.

One crypto trader stated that “Doge is an OG classic and the first-ever meme coin,” and that PEPE could flip every other meme coin except for Dogecoin.

Price Action: At the time of writing, PEPE was trading at $ 0.000007491, down 3.3% over the past 24 hours but up 50% over the past seven days.

Also Read: Dogecoin ‘Millionaire’ Reacts To Strategy Involving Heavy Allocation To Pepe, Dogewifhat: ‘Basically My Entire Plan’

Why It Matters: Hedge fund manager Thomas Kralow, in his latest tweet, highlighted how a whale has accumulated 211.6 billion PEPE tokens, worth $1.72 million, over the past day.

🕵️‍♂️ Whale has amassed 211.6 billion $PEPE (~$1.72M) over the past day, driving the price up by 17%. His most recent withdrawal from the #exchange was just 2 hours ago. pic.twitter.com/hY0tSOpywU

— Thomas Kralow (@TKralow) April 24, 2024

IntoTheBlock data shows an increase in transactions greater than 100,000, with 78% of Pepe holders currently making a profit and a concentration of 73% by large holders. The meme coin’s price correlation with Bitcoin stands at 0.83, and amongst all meme coins, Pepe reported the largest increase in holders’ balance at 1.34%, reaching $225.8 million.

What's Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.

Read Next: Pepe Coin Skyrockets 17%, Traders Note ‘Very Bullish’ Technical Setup

Image: Shutterstock