PEPE Leads Meme Coin Rally as Ether Approaches USD 4,000 Level

Liputan6.com, Jakarta – Pepecoin (PEPE), shiba inu (SHIB) and dogecoin (DOGE) surged in the last 24 hours as ether (ETH) moved towards USD 4,000, a level previously seen in December 2021. The surge in PEPE followed renewed optimism, while DOGE and SHIB reversed Thursday's loss with a gain of about 10%.

Pepe has been one of the best performing meme coins in recent weeks. Traders have been using the meme coin as a proxy bet on Ethereum's growth since late February.

“As bitcoin and ether rise, a spillover effect occurs when coins placed on ethereum and solana also surge, including meme coins,” said co-founder and COO of the DeFi platform Blueberry Protocol, Slater Heil, quoted from CoinDesk, Saturday (9/3 /2024).

PEPE's recent performance has sparked talk of a possible meme coin revival. The crypto market entered a bull run in February despite slow performance in the previous month. Investors have increased their meme coin investments in anticipation of a market rally.

“Investors are looking to make the most of bullish conditions, and meme coins are one way for them to do so. In the short and medium term, I expect a transition back to ‘fundamentally driven’ altcoins,” Heil warned.

Bullish demand for ether started to pick up in mid-January amid expectations that ether would be the next big token after bitcoin (BTC) to gain spot exchange-traded funds (ETFs) in the US.

PEPE's surge relies heavily on Bitcoin's rise to a 2-year high. Some analysts predict the market's rise will remain until the second quarter of 2024. This could increase demand for meme altcoins like PEPE, and possibly push its price up to USD 0.000008266.

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