Pepe's (CRYPTO: PEPE) whale activity and increased transaction volumes signal rising market interest.
What Happened: Crypto trader Eugene Ng Ah Sio wondered in a post on X if Pepe is the “unloved Ethereum (CRYPTO: ETH) beta.”
After recent Robinhood and Upbit listings, PEPE has maintained a steady consolidation between, as capital rotated into other altcoins.
With ETH now displaying significant idiosyncratic strength, a rerating for PEPE may be on the horizon, according to the trader.
Another trader Javon Marks forecasts that if the current breakout holds, PEPE could see an additional 65% upside, targeting $0.00000375 in the short term and up to $0.0000063 at the high end.
Similarly, trader Davie Satoshi predicts PEPE's next leg to a new all-time high is imminent, while Crypto Amsterdam highlights Ethereum's strength as a catalyst for PEPE's bullish outlook.
Why It Matters: PEPE trails only Dogecoin (CRYPTO: DOGE) in 24-hour trading volume, underscoring its strong presence in the meme coin market. The coin's official page reflects its playful confidence, stating that the “most entertaining outcome is the most likely.”
Recent whale activity has further fueled interest.
A dormant PEPE wallet that turned $74 into $6.16 million recently transferred its remaining 284.71 billion tokens to Kraken after two years of inactivity, suggesting a potential market shake-up.
IntoTheBlock data shows 23.4% increase in Pepe large transaction volume and a 3% drop in daily active addresses. Transactions greater than $100,000 widened from 539 to 778.
With a 151% rally in the past month, 84% of Pepe holders are making a profit.
At the time of writing, PEPE is trading at $0.00002104, down 1.7% on the day.
What's Next: As Ethereum gains momentum, traders believe Pepe could capitalize on the bullish sentiment in the broader crypto market. A sustained breakout could drive the meme coin toward new highs.
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