Pepe Coin Price Eyes Gains as ETH Burns Surge 163%
Pepe coin price is back on investors’ radars as the meme coin turned bullish in the past couple of weeks. Reacting to Ethereum, PEPE broke out of a bullish continuation pattern, complete with a retest for confirmation. PEPE-ETH correlation could cause the increased Ether burns to spur a surge in the price of Pepe Coin.
Ether Burns Spike Amid Pepe Coin Price Rise
According to data from LookonChain, the rate of Ether (ETH) burnt daily has surged significantly over the past week.
Historically, the burn rate trend shows that the Ethereum price increase coincided with a spike in the ETH burn rate. The recent growth in rate burns surpassed the June high, not including the anomaly spike observed in August.
This information is fascinating for Pepe Coin investors, as the two assets have shown a high level of correlation in the past.
The PEPE 60-day correlation with ETH was 0.92 at press time, above the correlation it shares with Bitcoin, which stood at 0.84, and an increase from June’s 0.91. The correlation values range from -1 to +1. When the reading is close to -1, prices hardly move in the same direction. However, if the reading is close to +1, prices usually head in the same direction. And that is the case with ETH and PEPE.
Should Ethereum continue to rise, the Pepe Coin price could surge, too. The PEPE price has increased by 7% in the last 24 hours and is trading at $0.000009.
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