Pepe PEPE/USD is up more than 20%, hitting an all-time high in the aftermath of spot Ethereum ETF approval rumors.
What Happened: Heavily followed crypto trader Hsaka hinted at PEPE potentially overtaking Shiba Inu SHIB/USD, drawing a chart with an arrow that points to Pepe leapfrogging Shiba Inu.
Crypto investor Jameson shared another bullish outlook, comparing current chart patterns to those of Dogecoin DOGE/USD in 2021, suggesting an imminent price surge. He stressed Pepe's significant upward movement, predicting that it will soon "decimate shorts and bears alike."
He stated, "It is clear to me that PEPE is the chosen alt of this cycle and will outperform everything else." Highlighting his personal investment strategy, he disclosed that he went all in last year with conviction. He urged his followers not to "fade the frog."
IntoTheBlock data noted a jump in transactions greater than $100,000 from 254 transactions as of May 19 to 743 transactions as of May 20. Large transactions volumes expanded by 229.5%, while daily active addresses increased by 16.3%.
Crypto analyst Miles Deutscher noted that Dogwifhat and Pepe are two of the best risk/reward holds in this cycle.
Also Read: Pepe Up 5%, Should ‘Retest All-Time Highs This Week,’ Says Trader
Why It Matters: Up 109% on the month, Pepe’s 24-hour trading volume of $2.3 billion is level with that of DOGE.
At the time of writing, PEPE is trading at $0.00001267, up 35% over the past 24 hours.
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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