Bitcoin influencer Max has offered a counterpoint to the bearish sentiment surrounding the Pepe (PEPE/USD) market structure. While some see a declining market for Pepe, Max argues that its performance against Ethereum (ETH/USD) is a more relevant indicator.
Max highlighted on social media that both PEPE and ETH have experienced declines, but the PEPE/ETH pair is showing a healthy uptrend and re-accumulation on the 12-hour timeframe. He suggests that the Pepe token, despite being a meme coin, is inherently tied to Ethereum and its performance should be viewed in that context.
Supporting Max’s analysis, data from IntoTheBlock shows a significant increase in large transaction volume and daily active addresses for Pepe. Over the past two days, transactions exceeding $100,000 have surged from 105 to 252. This suggests growing institutional interest and potential for future growth.
Pepe’s performance this year has been impressive, exceeding 600% gains compared to Dogecoin’s 65% and Shiba Inu’s 70%. While Ethereum is up 54% year-to-date, Pepe’s strong performance against it signifies its potential within the broader Ethereum ecosystem.
Max’s perspective emphasizes the importance of considering a coin’s performance relative to its underlying Layer-1, which could influence how investors approach meme coins and other cryptocurrencies. This insight will be further explored at Benzinga’s upcoming Future of Digital Assets event on November 19th, focusing on Ethereum’s influence as an institutional asset class.
