PEPE Price Prediction: Taking Advantage of Ethereum's Big Pump, Rising 10% in 24 Hours, Leading the Meme Zone, with the Number of Holding Addresses Increasing by 25% This Year.

As Ethereum (ETH) experiences a strong rise driven by institutional capital inflow and record ETF inflows, the market capitalization leading Meme coin PEPE shows signs of recovery. In the past 24 hours, PEPE's price has surged nearly 10%, outperforming tokens in the same zone such as DOGE and SHIB. As an on-chain Meme coin on Ethereum, PEPE benefits from the capital outflow effect of the ETH ecosystem, with a correlation to ETH prices as high as 0.76 this year. Although its price has slumped by 50% compared to the beginning of the year, the number of PEPE holding addresses has increased by 25%, and the technical analysis shows a bullish symmetrical triangle formation. However, the centralized risk of the top 10 wallets controlling over 37% of the supply still needs to be monitored.

Ethereum's surge drives on-chain Meme coins, with PEPE leading the charge As Ethereum (ETH) experiences a widespread rise driven by institutional capital inflows and corporate adoption, the top market capitalization Meme token PEPE is attracting investor attention once again.

PEPE has become the best-performing large Meme coin today and this week, demonstrating resilience amidst a volatile market. In the past 24 hours, the price of PEPE surged nearly 10%, significantly outperforming other tokens in the same zone such as Dogecoin (DOGE), Shiba Inu (SHIB), and Bonk Inu (BONK).

This frog-themed Meme coin is benefiting from the positive sentiment in the Ethereum market. Currently, the largest altcoin by market capitalization, ETH, is soaring to historical highs. As a Meme token based on Ethereum, capital is flowing out of the ETH market to low market capitalization tokens on its blockchain, with PEPE attracting the most attention.

ETH ETF records inflow, becoming the core driving force for PEPE Analysts point out that the strength of PEPE is attributed to the robust performance of ETH following a record week for the Ethereum ETF (Exchange-Traded Fund). On August 11, the net inflow of the Ethereum ETF surpassed the milestone of $1 billion, with BlackRock's ETHA fund leading the way.

This milestone reflects a significant shift in traditional finance (TradFi) towards Ethereum, viewing it as an asset playing an increasingly important role in decentralized finance (DeFi), Web3 infrastructure, and smart contracts. The surge in institutional demand has triggered what analysts are calling an "ETH accumulation wave," a trend that could bring substantial gains to Ethereum-based meme coins like PEPE.

According to year-to-date (YTD) data, PEPE has maintained a high price correlation of 0.76 with Ethereum. This indicates that any significant ETH rise could provide fuel for a breakout行情 for PEPE.

(Ethereum PEPE correlation | Source: DefiLlama)

Address holding coins grows against the trend, technical patterns brewing a breakthrough Interestingly, although the PEPE price has experienced a 50% Slump since January, its fundamentals have actually strengthened in 2024. The number of PEPE Wallet addresses has risen by 25% this year, indicating that retail interest remains persistent even during market downturns.

(PEPE Holder | Source: CoinMarketCap)

The technical background is also favorable for PEPE bulls. Since the beginning of the year, PEPE has formed a Symmetrical Triangle Pattern, which is a technical formation or chart pattern often associated with an impending price expansion.

The risk of concentrated positions held by large investors still exists, and investors need to be wary of volatility Despite the improving market sentiment, risks still remain. On-chain data shows that the top 10 PEPE wallets control over 37% of the supply of the token. This raises concerns about potential price manipulation or sudden sell-offs.

The high concentration of holdings among large holders (for example, 94% of TRUMP and MELANIA tokens are held by just 40 wallets) is a recurring challenge in the Meme coin ecosystem. This is because if a few large holders decide to exit, liquidity can quickly dry up.

Conclusion: As the Ethereum ETF market continues to heat up and institutional demand steadily accumulates, PEPE may have the conditions to leverage upward momentum. If ETH maintains its upward trend and the technical patterns unfold as expected, PEPE could experience a sharp upward movement in the coming weeks. However, investors must conduct their own research (DYOR), closely monitor whale wallet activities, and be acutely aware that sentiment reversals in the Meme coin market can be as rapid as their surges. As an ERC-20 token in the Ethereum ecosystem, PEPE's short-term trend will still be closely anchored to ETH price fluctuations.