#ETHRally 💰PEPE’s High Correlation with Ethereum Price

⚫️Pepe, one of the largest meme coins in the crypto world, has caught the attention of investors amid the rise in Ethereum price driven by institutional capital inflows and corporate adoption.

⚫️Pepe has emerged as the top meme coin, surpassing Dogecoin, Shiba Inu, and Bonk Inu, with a nearly 10% increase in the past 24 hours. Its success is due to positive sentiment in the Ethereum market and capital flows from ETH to low-value tokens like PEPE.

🟠Analysts believe that PEPE’s rise is related to Ethereum’s recent strength, especially after Ethereum ETFs surpassed $1 billion in net inflows led by BlackRock’s ETHA. This indicates a shift in traditional finance’s view towards Ethereum as a key player in decentralized finance and smart contracts. The increase in institutional interest has sparked a wave of ETH accumulation, potentially benefiting Ethereum-based meme coins like PEPE, which has a strong 0.76 price correlation with Ethereum. A significant increase in Ethereum price could cause PEPE to rally.

🔘PEPE fundamentals have improved in 2024, with wallet addresses increasing by 25% despite the price decline. The pattern has formed a symmetrical triangle pattern, indicating potential price movement. However, concerns remain as the top 10 wallets hold over 37% of the supply, posing risks of price manipulation. The concentration of large holders in meme coins like TRUMP and MELANIA could lead to liquidity issues. With institutional demand increasing, PEPE could benefit from this move.