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Cryptocurrency News Articles
PEPE: A Frog-Themed Meme Coin Making Waves in the Cryptocurrency Market
Sep 28, 2024 at 11:32 am
PEPE, a frog-themed meme coin has been making waves in the cryptocurrency market, exhibiting strong bullish momentum.
The cryptocurrency market has witnessed a surge in interest in meme coins, with PEPE being one of the most prominent. This token, which derives its inspiration from the popular Internet meme, has enjoyed a rally in recent times.
One of the interesting aspects of PEPE's price movement is its correlation with Ethereum. As highlighted by a recent analysis, the meme coin's price seems to be closely linked to that of ETH. This relationship is further evident in the token's 60-day correlation, which stands at 0.92 with ETH, as opposed to 0.84 with Bitcoin, and a slight increase from June's 0.91 with ETH.
In the world of crypto assets, correlation is an important measure, and it can range from -1 to +1. An reading close to -1 indicates prices hardly move in the same direction, suggesting an inverse relationship. On the other hand, a reading near +1 signifies prices typically head in the same direction or a direct relationship. In this case, ETH and PEPE exhibit a strong positive correlation.
Another interesting observation is the role of retail traders in PEPE's price action. According to available data, retail traders have been accumulating the meme coin more actively than whales. This suggests that smaller investors are playing a more significant role in driving PEPE's price compared to large institutional players.
When examining the broader market, we find that PEPE's performance has outpaced that of well-known meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB), at least in recent times. As highlighted in a recent analysis, PEPE has provided higher returns for long-term holders compared to DOGE and SHIB, especially amidst recent price gains.
Overall, the bullish outlook for the meme coin is encouraging, but it's crucial to approach any investment with caution and conduct thorough research before making a decision. The cryptocurrency market is notoriously volatile, and past performance is not always indicative of future results.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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