Crypto researcher LilMoonLambo recently suggested that Pepe (PEPE), a brand-new joke coin, may take the place of Dogecoin (DOGE) as a market sentiment gauge.
An increase in the price of PEPE, according to the expert, is a clear indicator of a bullish trend in the market as a whole.
This forecast coincides with strong activity from so-called “crypto whales,” or big investors, who have bought PEPE during the previous several days.
According to Lookonchain, a blockchain analytics account, “Machi Big Brother,” a well-known crypto whale, reportedly spent $137K in total over the last three days to buy 66 billion PEPE using 73.4 Ethereum. The typical purchase cost $0.000002082. According to the account, three other whales began purchasing PEPE once its price fell, collectively investing millions of dollars in the meme coin.
Pepe has seen several difficulties despite the current euphoria, with its market cap coming close to $2 billion before falling.
According to certain analysts, such as Edward Moya of the broker Oanda, the craze around meme currencies like Pepe may be harmful to Bitcoin’s performance. Moya claims that potential investment in bitcoin is being diverted away from it because too much attention is being paid to meme currencies. Bitcoin just slipped below the key $28,000 threshold.
However, recent market information from CoinGecko shows that Pepe is somewhat improving. PEPE’s price is at $0.00000193, up 1.9% from this time last year. The meme currency still has a market worth of almost $809 million after a decline of 55.20% from its all-time high of $0.00000431 only five days ago.
