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.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Credit: Source link
