Pepe Coin price has caught the attention of investors again in recent weeks. Meme coin, Ethereum $2,614It rose due to its high correlation with PEPE, which has been on a strong trend for a while now, depending on Ethereum’s price movements.
Increase in Ether Burns
According to LookonChain data, the daily Ether burn rate has increased significantly in the last week. This increase could also contribute to the rise in the Ethereum price. According to data shared by LookonChain, daily ETH burn has increased by 163% in the last week. The network, which has become inflationary again with the decline in transaction fees, may become deflationary again if activity picks up and burns continue to increase.
PEPE Coin Price
According to IntoTheBlock data, PEPE’s 60-day correlation with ETH is at 0.92. The correlation with ETH is PEPE’s Bitcoin 
$63,645 It is at a higher value than its correlation with. PEPE price is giving recovery signals by breaking out of the ascending triangle formation, and its price has the potential to rise to $0.00001250. Also, PEPE price may find support at $0.00000080 and $0.00000070. In case of a decline below these levels, the bulls will signal weakness.
However, the fact that the BT price is trying to exceed $65,800 at the time of writing and destroying the strong selling liquidity is positive for PEPE Coin. While the ETH price has started to close above $2,650, BTC is trying to consolidate $65,500 as support. When PEPE Coin experiences a double-digit increase on the daily, the door may be opened to ATH attempts similar to those in the past months in the continuation of the general market rally.
As we have noted in previous market assessments, assets such as PEPE Coin and FLOKI are consolidating at higher levels due to investors’ strong bull market expectations. This allows them to outperform in bullish environments similar to today.
In light of this information, following developments in the Pepe Coin and Ethereum markets closely may provide an advantage for investors. The dynamic structure of both assets may vary depending on market conditions.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
