A widely followed crypto trader believes that one red-hot altcoin is set up to outperform other large-cap memecoins.
Pseudonymous crypto analyst Altcoin Sherpa tells his 216,200 followers on the social media platform X that memecoin Pepe (PEPE) has more upside potential based on buyer demand and trading volume.
“If you’re looking for a big cap meme to long, I think PEPE is a good one. Good liquidity, strong volume, this one definitely catches up to the others a bit in my opinion. Not saying it’ll flip DOGE or anything but should go up more relatively. Long in the green boxes.”
Pepe was trading at $0.0000011 on February 19th and is trading for $0.00001383 at time of writing, a gain of 1,157%.
Next up, the trader believes Ethereum (ETH) is heading past its all-time high (ATH) of around $5,000 if a spot ETH exchange-traded fund (ETF) is approved.
However, he warns ETH may retrace once it crosses $4,000, before continuing higher.
“ETH: I think we pullback briefly around $4,000 but this certainly breaks all-time highs if/when ETF gets approved. This still seems like a free trade for ETH going to ATH, which is at $5,000. Could be some bumps along the way but it seems inevitable.”
Ethereum is trading for $3,811 at time of writing, up about 1% in the last 24 hours.
The trader also believes that ETH against Bitcoin (BTC) may have reached a market bottom at 0.049 BTC ($3,333) and could outperform the crypto king in the short term.
“ETH: is this the bottom? Hard to really say. We’ve been cucked for so long on this that it’s hard to call it. I think that it’s probably safest for most to just buy this on the way up versus trying to knife catch. ETH should outperform BTC, eventually (for a short period).”
ETH/BTC is trading for 0.056 ($3,811) at time of writing, up 4.77% in the last 24 hours.
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