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Pepe PEPE/USD has generated significant gains over the past seven days, prompting analysts to foresee further bullish price action.
What Happened: Meme coin analyst and trader Murad highlights how Pepe, a cult community with more than 10 million unique memes, could flip Shiba Inu SHIB/USD and Dogecoin DOGE/USD :
He calls the meme coin perpetually relevant to modern culture, while DOGE is just a single pic and SHIB has zero memes to speak of.
While the crypto community had different reactions to the tweet, some suggested other meme coins like Floki FLOKI/USD that could flip the meme coin leaders instead of Pepe.
One crypto trader stated that Doge is an OG classic and the first-ever meme coin, and that PEPE could flip every other meme coin except for Dogecoin.
Price Action: At the time of writing, PEPE was trading at $ 0.000007491, down 3.3% over the past 24 hours but up 50% over the past seven days.
Also Read: Dogecoin Millionaire Reacts To Strategy Involving Heavy Allocation To Pepe, Dogewifhat: Basically My Entire Plan
Why It Matters: Hedge fund manager Thomas Kralow, in his latest tweet, highlighted how a whale has accumulated 211.6 billion PEPE tokens, worth$1.72 million, over the past day.
IntoTheBlock data shows an increase in transactions greater than100,000, with 78% of Pepe holders currently making a profit and a concentration of 73% by large holders. The meme coins price correlation with Bitcoin stands at 0.83, and amongst all meme coins, Pepe reported the largest increase in holders balance at 1.34%, reaching $225.8 million.
What's Next: The influence of meme coins andBitcoin as an institutional asset classare topics expected to be thoroughly explored at Benzinga's upcomingFuture of Digital Assetsevent on Nov. 19.
Read Next: Pepe Coin Skyrockets 17%, Traders Note Very Bullish Technical Setup
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