Analyst Says Pepe Coin Price Can Surge 5X Despite Ethereum Woes

Pepe Coin price is trending upwards and shows the promise of a bullish breakout. Ethereum, to which the meme coin is closely correlated, has also been surging following the overall crypto recovery led by Bitcoin. Crypto analysts are changing their stance on Pepe Coin, with one predicting the altcoin could hit a $15 billion market cap if Bitcoin price rises to $350,000.

Analyst Predicts Price Explosion for Pepe Coin Price

A crypto analyst has predicted the potential surge of Pepe coin to over $15 billion market cap by focusing on its relationship with Bitcoin.

Talking Some Big $PEPE Price Analysis & Some Huge #Crypto Predictions 🔥🐸📈🌑 Big Week Ahead 🌄
Check It Out Here 👇 pic.twitter.com/hhUwylRKcO
— Crypto Zeus ⚡ (@CryptoZeusYT) September 24, 2024

In his recent YouTube video, CryptoZeus gave a deep dive into why PEPE might be about to explode. Historically, meme coins like Pepe coin outperformed Bitcoin during bullish market rallies. Hence, CryptoZeus reckons that if BTC experiences significant growth, it is reasonable to expect that the Pepe coin price will also see huge increases in its price.

The analyst projects Pepe coin market cap could swell to $15 billion if Bitcoin price surges by 400% to $350,000.

The bold prediction comes at a time when Pepe coin price is showing signs of breaking out. However, despite these positive developments, Ethereum seems to be facing setbacks as some whales rush to book profits amid falling spot ETH ETF netflows. Can PEPE sustain a bullish run even in the face of a potential ETH sell-off?

Ethereum Woes Could Dampen PEPE Price Action

Ethereum has been riddled with significant problems that hinder it from rising exponentially like its counterpart, Solana. Pepe Coin investors are concerned that Ethereum’s performance could impact PEPE price and hinder it from rising.

1. Ethereum ETF Lackluster Performance Persists

According to Soso Value data, the U.S. spot Ethereum ETF flow recorded $79.3 million in outflows on September 23. This is the largest single-day net outflow since July 29.

Grayscale recorded the largest outflow of $80.55 million, while Bitwise’s ETHW saw $1.34 million inflows. Negative outflows usually point to negative investor sentiment and could impact prices negatively.

2. A $380M ICO Whale Wakes Up

On-chain analytics firm Lookonchain noticed a dormant ICO whale address holding 150,000 ETH waking up. The $380 million whale investor moved 3,510 ETH worth $9.12 million to Kraken, triggering fears of a potential sell-off.

An #Ethereum ICO participant who gained 150,000 $ETH($389.7M) deposited 3,510 $ETH($9.12M) into #Kraken after being dormant for over 2 years!
The participant received 150,000 $ETH(ICO cost was $46.5K, now worth $389.7M) at #GENESIS.https://t.co/kmnmEbbwMY pic.twitter.com/0uVPdPwJ9M
— Lookonchain (@lookonchain) September 23, 2024

Further, the Ethereum foundation has been on a selling spree and offloaded another 100 ETH ($264K) four hours ago, bringing the total amount of ETH sold from the foundation to 3,566 this year. This is approximately $9.94 million.

Meanwhile, Pepe coin, which is highly correlated with Ethereum price, surged by 11.2% over the last seven days, only to slightly retrace by 2.7% in the last 24 hours.

Pepe Coin Price Analysis: 61% Extended Gains in The Short Term

PEPE price is trending above an ascending triangle, showcasing a textbook breakout and retest. PEPE price has found support for around $0.000008, previously the resistance.

If Pepe Coin bounces off $0.000008 support, it could surge by 61% to the next major significant resistance at $0.00000126. Beyond that, PEPE is looking at up to 112% (2X) back to the previous all-time high.

Conversely, if Pepe coin price fails to bounce from the current retest, it may slide back into the triangle, but this would not affect the bullish thesis. However, if the value falls below the triangle, PEPE could find lower support, around $0.000006, which would turn the asset bearish.

Frequently Asked Questions (FAQs)

Pepe Coin is closely correlated with both Bitcoin and Ethereum. Historically, meme coins like Pepe Coin have outperformed Bitcoin during bullish market rallies. However, Ethereum’s recent issues, such as significant outflows from ETFs and potential sell-offs, could affect Pepe Coin’s performance.

Optimism stems from historical trends where meme coins like Pepe Coin have significantly increased in value during bullish market phases. Additionally, technical analysis shows that Pepe Coin is above an ascending triangle, a bullish indicator, suggesting potential price gains of up to 112%.

The analysis suggests that if Pepe Coin continues its upward momentum, it could see gains of up to 112%, potentially reaching or exceeding its previous all-time high, depending on market conditions and its ability to hold key support levels.

Evans Karanja

Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source: https://coingape.com/markets/analyst-says-pepe-coin-price-can-surge-5x-despite-ethereum-woes/