was one of the few top-50 cryptocurrencies to register gains in the last 24 hours. At press time, PEPE was trading at a value of $0.000011, following a 3.35% hike its its value on 21 June.
However, AMBCrypto found that the uptrend might not last. One reason for the same may be the memecoin’s correlation with, which stood at 0.60. Values of the correlation ranges from -1. to +1. When the reading is close to -1, it means that prices hardly move in the same direction.But unlike PEPE, ETH did not appreciate on the charts. Instead, it moved sideways, trading at $3,502 at press time.too.
On the contrary, exchange flows seemed to suggest that ETH might not be able to halt the uptrend. At press time, PEPE’s exchange inflows were 845,000.Inflows measure the number of tokens being sent into exchanges. When this number is high, it means that selling pressure could be intense, and could probably lead to a price decline.Instead, participants are keeping them in non-custodial wallets.
In most cases, the retail cohort rarely impact prices like large investors. At press time, the number of addresses holding $1,000 to $10 million worth of the token had fallen.If this happens, the prediction to $0.000013 mentioned above could be invalidated. Therefore, PEPE’s price could move at the same pace as ETH, and its price might remain around the $0.000011 zone.Victor Olanrewaju is a full-time journalist at AMBCrypto.
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