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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オーストラリアでは、moomooの投資商品及びサービスはMoomoo Securities Australia Limitedによって提供され、オーストラリア証券投資委員会(ASIC)の管理を受けております(AFSL No. 224663)。「金融サービスガイド」、「利用規約」、「プライバシーポリシー」などの詳細は、Moomoo Securities Australia Limitedのウェブサイトhttps://www.moomoo.com/auでご確認いただけます。