As a researcher with extensive experience in the crypto market and a special interest in meme coins like Pepe Coin, I find this recent surge in price and Ether burn rate quite intriguing. Historically, we’ve seen a strong correlation between Ethereum’s price increase and an uptick in ETH burns. Given that the current burn rate surpassed the June high, it seems plausible to expect continued growth for Pepe Coin if Ethereum continues its upward trend.
The interest in Pepe Coin has resurfaced among investors due to its recent bullish trend over the past two weeks. Following Ethereum‘s lead, PEPE has broken free from a bullish continuation pattern, which includes a retest for confirmation. The strong correlation between PEPE and Ether could potentially cause the increased Ether burns to fuel a price increase in Pepe Coin.
Ether Burns Spike Amid Pepe Coin Price Rise
Over the past week, the daily rate of Ether (ETH) being destroyed has noticeably increased, as per data from LookonChain.
The daily $ETH burnt has increased by 163% over the past week!
Below is a chart showing the $ETH price and daily $ETH burnt.
Based on the graph, it’s clear that the daily Ether (ETH) burn rate significantly spiked prior to the increase in Ether’s price in both January and October of 2023.
— Lookonchain (@lookonchain) September 25, 2024
Historically, it appears that the surge in the Ethereum price has been accompanied by an increase in the ETH burn rate. Interestingly, the current burn rate exceeds its peak from June, excluding the unusual spike noticed in August.
For those interested in Pepe Coin, it’s intriguing to note that its performance has been closely linked with another asset historically, showing strong similarities.
At the current moment, as reported by IntoTheBlock, the 60-day correlation between PEPE and Ether (ETH) is 0.92, which is higher than its correlation with Bitcoin (BTC), currently at 0.84. This correlation has also increased from June’s value of 0.91. Correlation values can range from -1 to +1. When the value is near -1, the prices of the assets often move in opposite directions. On the other hand, when the value is close to +1, the prices tend to move in the same direction. In this scenario, the price movements of ETH and PEPE appear to be closely aligned.
As a researcher examining the crypto market trends, I find myself intrigued by the potential growth of Ethereum. If Ethereum indeed continues its upward trajectory, it’s plausible that the price of Pepe Coin might follow suit. Interestingly, over the last 24 hours, we’ve seen a 7% surge in the value of PEPE, currently trading at $0.000009.
PEPE Technical Analysis: $0.00001250 Next Stop
The cost of PEPE is currently in a rebounding phase following a downward trend, indicating a strong surge out of an ascending triangle configuration. This upward trajectory and break above the resistance indicate that bullish energy may continue, with potential resistance levels at approximately $0.000001269 and higher values.
On the flip side, PEPE may find support around $0.00000080 and $0.00000070 in case of a pullback.
The ascending triangle is a type of chart pattern that signals a continuation, and once it breaks out, it suggests an upcoming price increase. The projected move, based on the height of the triangle, predicts a price point approximately $0.000001269, which represents a possible 45.15% increase from the breakout point.
If the value of Pepe coin drops under 0.00000080 USD, this could indicate a weak market trend, causing the coin to be considered bearish. The Pepe coin’s price might find resistance at around 0.00000070 USD.
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2024-09-26 13:38