PEPE Up 16% On The Week: It Won't 'Flip DOGE' But 'Should Go Up More Relatively,' Trader Points Out

Pseudonymous crypto trader Altcoin Sherpa shared his optimistic outlook on Pepe PEPE/USD, highlighting its strong volume and good liquidity as key factors for potential price upside.

What Happened: Sherpa's Wednesday tweet points out the attractive qualities of PEPE for traders looking to invest in big-cap meme coins. He adds, "Good liquidity, strong volume, this one definitely catches up to the others." Although he does not believe PEPE will surpass more established meme coins like Dogecoin DOGE/USD, he anticipates it will see relative gains, noting that it "should go up more relatively."

Another Pepe-focused trader, Plazma, highlighted that Pepe is doing four times more volume than Shiba Inu SHIB/USD and twice that of Dogecoin. Pepe's total volume across all centralized and decentralized exchanges stands at $4.5 billion.

Price Action: In the past 24 hours, PEPE is trading 1% higher at $0.00001279, taking its monthly gains to 100%.

Also Read: PEPE Hits All-Time High On 35% Daily Explosion: ‘Gearing Up For A 2021 DOGE Pump,’ Trader Writes

Why It Matters: Altcoin Sherpa’s mention of "long in the green boxes" suggests he has specific price levels in mind where he believes PEPE presents a good buy opportunity. This targeted approach helps traders understand where the coin might find support and rally, offering a clearer trading strategy.

if you're looking for a big cap meme to long, I think $PEPE is a good one. good liquidity, strong volume, this one definitely catches up to the others a bit IMO. not saying it'll flip doge or anything but should go up more relatively. long in the green boxes pic.twitter.com/FeoDTd9W0k

— Altcoin Sherpa (@AltcoinSherpa) May 22, 2024

Sherpa’s crucial factors – robust trading volume and liquidity – are essential as they enable smoother buying and selling processes, reducing the impact of large trades on the coin’s price. For traders, these factors often signify a healthier market environment, encouraging more participation and potentially leading to increased price action.

IntoTheBlock data reports a massive surge in transactions greater than $100,000 from 743 transactions as of May 20 to 1,119 transactions as of May 21. Daily active addresses increased by 117%.

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.

Read Next: Pepe Up 5%, Should ‘Retest All-Time Highs This Week,’ Says Trader

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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