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.
Pepe Coin Price Analysis Chart
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.
The post Analyst Says Pepe Coin Price Can Surge 5X Despite Ethereum Woes appeared first on CoinGape.
