Pepe Outperforms Crypto Market, Becomes Most-Traded Memecoin Eclipsing Dogecoin, Shiba Inu — HODLers Hopeful Of Further Upside
Portfolio Pulse from Aniket Verma
Pepe (PEPE) outperformed the broader cryptocurrency market, rising over 7% in the last 24 hours and becoming the most-traded memecoin, surpassing Dogecoin (DOGE) and Shiba Inu (SHIB). Despite a 23% drop from its all-time high, investors remain optimistic about its potential.
June 10, 2024 | 3:02 am
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POSITIVE IMPACT
Ethereum (ETH) remains a critical platform for Pepe (PEPE), which is based on its blockchain. The success of PEPE could positively impact ETH.
As Pepe is an Ethereum-based token, its success could lead to increased usage and demand for Ethereum, potentially boosting ETH's price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 60
NEGATIVE IMPACT
Dogecoin (DOGE) was surpassed by Pepe (PEPE) as the most-traded memecoin in the last 24 hours, indicating a shift in investor interest.
Pepe's rise in trading volume suggests a shift in investor interest away from Dogecoin, potentially leading to short-term price pressure on DOGE.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Shiba Inu (SHIB) was also surpassed by Pepe (PEPE) in trading volume, which may indicate a decrease in short-term investor interest.
The increase in Pepe's trading volume over Shiba Inu suggests a potential decline in short-term investor interest in SHIB, possibly affecting its price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80