Bitcoin influencer Max addressed the growing concerns about the Pepe (CRYPTO: PEPE) market structure, highlighting that is performing well against Ethereum (CRYPTO: ETH).

What Happened: Max voiced his disagreement with the bearish sentiment in a social media post on Wednesday, noting that both PEPE and ETH are down but the PEPE/ETH pair is in a healthy uptrend and re-accumulating on the 12-hour timeframe. He suggested that Pepe disincentivizes holding Ethereum.

Also Read: Crypto Whales Scoop Up Pepe Tokens During Market Dip As Dogecoin, Shiba Inu Interest Fades

Max's analysis highlights the importance of considering a coin's performance against its Layer-1, not just its dollar valuation. This perspective could influence how investors approach meme coins and other cryptocurrencies tied to their Layer-1.

IntoTheBlock data shows a 109.8% increase in large transaction volume as daily active addresses rose by 35%. Transactions greater than $100,000 increased from 105 transactions to 252 over the past two days.

Pepe is up over 600% this year, compared to Dogecoin's and Shiba Inu's more modest gains of 65% and 70%, respectively. Ethereum is up 54% year-to-date.

What's Next: The influence of Ethereum as an institutional asset class is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.

• Will Dogecoin, Shiba Inu, Pepe Continue The 'Memecoin Supercycle' Despite The Crypto Crash? 'Just The Tip Of The Iceberg,' Trader Thinks

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