Pepe Coin continues to attract attention in the cryptocurrency market, exhibiting notable growth that aligns with Ethereum's success. Recent data highlights the strong correlation between these two assets.
PEPE Market Overview
At the beginning of this month, the price of PEPE was $0.00000926. In the first eight days, it remained within the range of $0.00001079 and $0.00000917. On July 9, it experienced a single-day growth of 8.39%, closing above that range. Since then, it has surged by 28.77%. This price action closely resembles that of Ethereum.
Analyzing PEPE and Ethereum Correlation
Crypto analyst Jake Gagain highlights that PEPE's growth often mirrors Ethereum's trends. In the last 30 days, Ethereum has seen a growth of 40.5%, and 19.8% in the past week. Gagain points out that every time ETH moves above $3,100 towards $4,000, PEPE typically spikes. For instance, on July 16, when Ethereum's price was $3,137.84, it increased by 13.75%, while PEPE surged by 1.90% during the same period.
Forecasts for PEPE to Hit New ATH
Analysts forecast that the PEPE market could hit a new all-time high this weekend. Gagain notes that this month, PEPE's market cap grew by 32% and currently stands at $5,525,722,126, with a 24-hour trading volume of $4,936,965,962. The all-time high for PEPE was recorded on December 8, 2024, at $0.000028362, which is currently at least 53.67% below its ATH.
Thus, if Ethereum breaks its previous highs, PEPE may also hit or surpass its historical benchmarks.
