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Pepe (CRYPTO: PEPE) continues its upward trajectory, with its 42% weekly gain prompting growing investor optimism.
What Happened: Pseudonymous cypto trader Plazma, known for his interest in Pepe, disclosed in an X post on April 25 that he recently sold all his holdings in Dogwifhat (CRYPTO: WIF) to invest in Pepe. His decision has proven fruitful, with Pepe recording a remarkable 50% increase in the past seven days. Plazma advises traders to prioritize “real memes” like Pepe over other characters promoted by the mainstream.
Pseudonymous crypto trader Plazma recently sold all his holdings in Dogwifhat (CRYPTO: WIF) to invest in Pepe.
The decision has proven fruitful, with Pepe recording a remarkable 42% increase in the past seven days. Plazma opines traders should prioritize “real memes” like Pepe over other characters promoted by the mainstream, stating, “Don’t buy dogs, cats, characters, etc that the cabal pushes, buy real memes that people use and know.”
Technical crypto trader and NFT tracker davie satoshi compared Pepe’s performance with that of Bitcoin, noting that while Bitcoin tends to influence Pepe’s movements, Pepe is increasingly disassociating from Bitcoin’s actions.
Despite Bitcoin’s recent declines, Pepe’s price remains higher than before, signaling a growing independence from Bitcoin’s price dynamics. Bitcoin is down 1.6% on the week, compared to Pepe’s 42% gain.
In another tweet, davie satoshi predicts Pepe to come at least close to its all-time high on the current uptrend.
Why It Matters: CoinGecko data highlights Pepe’s trading volume in the past 24 hours has surged to $1.2 billion, surpassing both Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB). This substantial trading activity underscores the growing interest in Pepe among investors. Dogecoin and Shiba Inu reported $1.06 billion and $788.8 million respectively.
CoinGecko data highlights Pepe’s trading volume in the past 24 hours has surged to $1.2 billion, surpassing both Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB), which reported $1.06 billion and $788.8 million, respectively. This substantial trading activity underscores the growing interest in Pepe among investors.
IntoTheBlock data points out Pepe’s correlation with Bitcoin at 0.71, indicating a relatively lower dependency compared to other meme coins like Dogecoin (0.94) and Shiba Inu (0.86).
Transactions greater than 100,000 have expanded to 274 transactions as of April 25 from 104 transactions as of April 19, indicating growing institutional interest in Pepe.
Price Action: At the time of writing, PEPE was trading at $0.000007506, down 4% on the day.
What's Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
Read Next: Pepe Coin Skyrockets 17%, Traders Note ‘Very Bullish’ Technical Setup
Image: Shutterstock
