Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
Pepe (CRYPTO: PEPE) is down 26% from its all-time high, but one trader foresees the meme coin as the winner if Bitcoin's (CRYPTO: BTC) performance picks up.
What Happened: Crypto trader Davie Satoshi outlined four potential scenarios:
- BTC drops and therefore PEPE drops.
- SBTC drops but PEPE goes up because “altseason” starts.
- BTC goes up, so PEPE also goes up.
- BTC goes up, but PEPE goes down.
In another tweet, Satoshi detailed the wave patterns he observed on the Pepe chart and predicted a wave 3 of 3 candles soon. He also suggested that a minor wave 2 retracement might occur before the green candle. He stated, "When this green candle happens, I think that’s when people will realize we’re back."
Here's a closer view of whats going on for $PEPE?As you can see, I can count each wave and show that we are about to see a nice wave 3 of 3 candle. But first, a little wave 2 retracement!
When this green candle happens, I think thats when people will realize we're back… pic.twitter.com/uRrg3dRFha
— davie satoshi (@NFTdavie) June 27, 2024
Price Action: In the past 24 hours, PEPE is down 1.1% down to $0.00001231.
Also Read: Top Trader Wonders If ‘Safer Big Caps Like Pepe, Dogecoin’ Will Outperform His Meme Coin Portfolio
Why It Matters: Satoshi points out, "In my mind, there are only 3 possible scenarios with PEPE in relation to BTC price action and 2 out of 3 are winners for PEPE. I think those are pretty good odds!" This suggests that he sees a generally positive outlook for PEPE, regardless of BTC's movements.
IntoTheBlock data noted a 1.8% increase in large transaction volume to $177.4 million, with 84% of Pepe holders in profit at current levels. This is higher compared to Dogecoin and Shiba Inu holders, although Pepe's 61% long-term holder count is lower.
What’s Next: The influence of meme coins Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: PEPE’s 10% Weekly Gain Makes It ‘The Most Fit Horse’ Among Meme Coins, Says Trader
Image: Shutterstock
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