In a recent tweet, crypto analyst LilMoonLambo proposed that Pepe (PEPE), a new meme coin, could replace Dogecoin (DOGE) as a market sentiment indicator.
The analyst suggested that a surge in PEPE's price is a strong signal of a bullish trend on the broader market.
This prediction comes amid significant activity from so-called "crypto whales," or large-scale investors, who have been actively purchasing PEPE over the past few days.
A prominent crypto whale, known as "Machi Big Brother," has reportedly purchased a total of 66 billion PEPE using 73.4 Ethereum ($137K) over the past three days, according to Lookonchain, a blockchain analytics account. The average buying price stood at $0.000002082. The account also noted that three other whales started buying PEPE after its price dropped, collectively investing millions of dollars into the meme coin.
Despite the recent enthusiasm, Pepe has faced some setbacks, with its market cap nearing $2 billion and then plunging.Some analysts, like Edward Moya of broker Oanda, believe that the frenzy surrounding meme coins like Pepe could be detrimental to Bitcoin's performance. Bitcoin recently fell below the significant $28,000 level, and Moya suggests that excessive attention to meme coins is diverting potential investment away from it.
However, current market data from CoinGecko indicates a slight recovery for Pepe. As of now, the price of PEPE stands at $0.00000193, reflecting a 1.9% increase. Despite a 55.20% decrease from its all-time high of $0.00000431 just five days ago, the meme coin still holds a market cap of over $809 million.
Gamza Khanzadaev
