One of the most well-known memecoins, PEPE, serves as a market indicator, according to crypto analyst Ran Neuner.
PEPE Is A Good Indicator, Says Crypto Analyst
Many crypto investors find it difficult to decify which cryptos are good market indicators. However, for investors keen on anticipating a “pullback,” crypto analyst Ran Neuner highlights PEPE as one to closely monitor.
“It’s literally an index for when the market is getting overheated. When people are confident enough to go there and it pumps, that’s your sign to exit. Works every time,” Neuner stated.
Over the past 7 days, PEPE has surged by approximately 112%. At the time of publication, its current price to $0.00000123.
PEPE Price Chart 1 Month. Source: BeInCrypto
One X User commented that rapid growth of memecoins like PEPE, can be a good indicator for when the market is overheating.
“When these tokens, often associated with speculative and meme-driven sentiment, experience rapid and exaggerated price increases, it can serve as an indicator that the market may be overheating,” the X user stated.
PEPE Can Help Time Investor Exit In Market
While another X user similarly stated that it can help you time your exit in a heated market.
“Great advice! Keeping an eye on PEPE can help you time your exit in a heated market. Don’t miss the cues – stay vigilant and trade wisely,” the X user stated.
On October 25, BeInCrypto reported that the meme coin market has seen renewed momentum over the past week. Furthermore, PEPE’s price has constantly been on the rise.
Meanwhile, it was noted that there is uncertainty over how long the upward trend will last.
On the other hand, PEPE has no apparent use cases beyond speculative trading, meaning the token’s value is influenced solely by online hype.