Ethereum looks extremely bullish, right now. In the last 30 days, it has experienced a rise of 40.3%. Since July 8 alone, it has surged by over 39.58%. In the last seven days, it reported a rise of 19.7%.
Notably, highlighting the correlation between Ethereum and Pepe, some analysts suggest that Pepe Coin may soon hit a new all-time high.
Let’s analyse!
PEPE Market Overview
At the beginning of this month, the PEPE market was at $0.00000926. In the first eight days of the month, it majorly stayed within the range of $0.00001079 and $0.00000917. On July 9, with a single day growth of 8.39%, it closed above the range. Since then, it has surged by 28.77%.
This price action of PEPE closely resembles Ethereum’s.
PEPE & Ethereum: Analysing the Corelation
Crypto analyst Jake Gagain highlights that PEPE’s growth often mirrors Ethereum’s trends. As mentioned above, in the last 30 days, the Ethereum market has seen a growth of 40.5%. In the last seven days alone, it has jumped by 19.8% to $3,566.54. Since July 9, it has climbed around 36.55%.
Another crypto analyst, identified as ChandlerCharts, notes that every time ETH moved above $3,100 toward $4,000, Pepe usually spiked.
At the start of July 16, the Ethereum price was at $3,137.84. Since then, it has increased by 13.75%. During the same period, the PEPE price has grown by 1.90%. On July 16 alone, it surged by at least 5.29%.
PEPE to Hit New ATH Soon?
The analyst forecasts that the PEPE market could hit a new ATH this weekend.
Gagain highlights that, this month, the market cap of PEPE swelled by no fewer than 32%. The market cap of the second largest meme coin by market capitalization, PEPE, currently sits at $5,525,722,126, and its 24-hour volume at $4,936,965,962.
It was on December 8, 2024, that PEPE hit its All-Time High of $0.000028362. Currently, the market remains at least 53.67% below its ATH.
In conclusion, if Ethereum breaks its previous highs, PEPE could also hit or surpass its own ATH.
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