Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
Pepe's (CRYPTO: PEPE) strong performance is reflected in rising trading volumes, with traders forecasting a rally.
What Happened: Heavily followed crypto trader The Flow Horse suggested that Pepe could be a more "fit horse" to bet on than Dogwifhat (CRYPTO: WIF).
The trader pointed out that WIF has been underperforming against Solana and Bitcoin from its all-time high, unlike Pepe, which has been showing strength.
Another veteran crypto trader Tyler Durden suggested going long on Pepe in his latest tweet:
$Pepe // H3Nice strong move out of the bottom and closed above last weeks range.
I will long the circle. https://t.co/NTEYP4PlbO pic.twitter.com/NiBcfolmL2
— Tyler (@TylerDurden) June 26, 2024
Also Read: Top Trader Wonders If ‘Safer Big Caps Like Pepe, Dogecoin’ Will Outperform His Meme Coin Portfolio
Why It Matters: Over the past seven days, Pepe is the only meme coin among the top five meme coins trading in the green with a 10% gain. Its trading volume of $1.1 billion is close to that of Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB).
Crypto trader Plazma noted this, predicting Pepe to surpass its rivals soon, as "price always follows volume aka liquidity."
IntoTheBlock data notes large transaction volume and daily active addresses surging by 57.7% and 16%, respectively. In a single day, transactions greater than $100,000 increased from 263 on June 24 to 425 on June 25. Currently, 86% of Pepe holders are in profit, compared to Dogecoin's 75% and Shiba Inu's 52%.
What’s Next: The influence of meme coins and 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: Is The ‘Meme Coin Super Cycle’ Over? Trader Outlines Pros And Cons
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