Recently, PEPE Coin has started to attract attention in the market again. This memecoin has gained value thanks to its high correlation with Ethereum. It has been performing strongly in parallel with Ethereum's price movements for a while.
Rapid Increase in Ether Burn Rates
LookonChain data shows that daily Ether burn rates have increased significantly over the past week. This increase has the potential to contribute to positive movements in Ethereumâs price. The 163% increase in ETH burn rates is intended to offset the inflationary nature of the network.
High Correlation Between PEPE and Ethereum
According to IntoTheBlock analysis, PEPEâs 60-day correlation with ETH is at 0.92. This is a higher value than PEPEâs correlation with Bitcoin. PEPE price is showing signs of recovery by breaking out of the ascending triangle pattern and has the potential to rise to $0.00001250.
PEPE Coinâs support levels are set at $0.00000080 and $0.00000070. If there is a drop below these levels, signs of weakening in the bull market may be seen. BTCâs attempt to break above the $65,800 level and the strong selling liquidity it consumes has a positive effect on PEPE Coin.
Investors have high expectations for bull markets for assets like PEPE and FLOKI. Accordingly, these coins may perform stronger in the general uptrend of the market.
â Daily ETH burn rate increased by 163%
â PEPEâs correlation with ETH is at 0.92
â PEPE price may go up to $0.00001250
â Support levels $0.00000080 and $0.00000070
â BTC support level set at $65,500
These dynamic developments in the PEPE Coin and Ethereum markets create significant opportunities for investors. Both cryptocurrencies have the potential to gain value depending on market conditions.