Crypto trader Eugene Ng Ah Sio posed a question regarding Pepe's position as the "unloved Ethereum ETH/USD beta," suggesting a potential rerating for the coin in light of ETH's strength. Despite recent listings on platforms like Robinhood and Upbit, Pepe has maintained steady consolidation while seeing a shift in capital towards other altcoins. Other traders, like Javon Marks and Davie Satoshi, have made forecasts about Pepe's potential for upside, with predictions reaching up to $0.0000063.
Moreover, the enthusiasm around Pepe is also fueled by its trading volume, second only to Dogecoin, indicating its prominent position in the meme coin market. The coin's official page exudes confidence with a playful tone, emphasizing the likelihood of the most entertaining outcome. Notably, a dormant PEPE wallet recently executed a significant transfer to Kraken after turning $74 into $6.16 million over two years of inactivity, hinting at a potential shift in the market.
Data from IntoTheBlock reveals an increase in Pepe's large transaction volume and a slight drop in daily active addresses, alongside a notable uptick in transactions exceeding $100,000. With an impressive 151% rally in the past month, the majority of Pepe holders are currently profiting from the coin's performance. As of now, Pepe is trading at $0.00002104, signaling a slight decline of 1.7% for the day.
Looking ahead, traders are optimistic about Pepe's potential to benefit from Ethereum's bullish momentum in the broader crypto market. Should a sustained breakout occur, it could propel Pepe towards new highs, indicating that the meme coin has the opportunity to make significant strides in the evolving crypto landscape.