Pepe's PEPE/USD has been outperforming its dog-themed meme coin rivals, prompting calls for a surge to $10 billion and beyond.
What Happened: Pseudonymous crypto trader SomSpencer declared the arrival of the "meme season" in the crypto market, emphasizing the importance of PEPE as a key indicator.
He stated that the meme coin has broken out and described Pepe as "the “meme index" for this crypto cycle, suggesting that its performance is a reliable indicator of the market’s risk appetite.
The trader anticipates PEPE to set new all-time highs in the current quarter, possibly before the election. He also predicts a significant liquidity shift from PEPE as it approaches a $10B billion market cap, with liquidity likely to rotate into midcaps and microcaps.
He concluded by stating, "No one is bullish enough. It’s time for an up-only market."
Another trader predicts Pepe to overtake Shiba Inu based on Pepe’s market cap:trading volume ratio.
Why It Matters: IntoTheBlock data shows a 231.4% increase in large transaction volume and a 33.5% rise in daily active addresses. Transactions greater than $100,000 increased from 80 to 255 in the past two days.
Pepe's seven-day and 30-day gains stand at 13% and 8%, respectively. It has outperformed its rivals Dogecoin DOGE/USD and Shiba Inu SHIB/USD, up 3% and 6% over the past 30 days. In the past seven days, DOGE and SHIB are up 1% and 6%.
Pepe’s 24-hour trading volume at $1.7 billion exceeds that of both Dogecoin ($741.5 million) and Shiba Inu ($405 million) combined.
What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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