{"id":13813,"date":"2023-10-27T06:56:14","date_gmt":"2023-10-27T06:56:14","guid":{"rendered":"https:\/\/www.cryptoheretostay.com\/?p=13813"},"modified":"2023-10-27T06:56:16","modified_gmt":"2023-10-27T06:56:16","slug":"is-bitcoin-overheated-some-believe-the-answer-is-hiding-in-pepe","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=13813","title":{"rendered":"Is Bitcoin overheated? Some believe the answer is hiding in PEPE"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Could Bitcoin (BTC) be headed for an imminent pullback? Some crypto market observers believe the answer could be hiding within the price action of a frog-themed memecoin.<\/p>\n<p>In an Oct. 27 post on X (formerly Twitter), Onchain Capital co-founder and <em>Crypto Banter<\/em> host Ran Neuner suggested that memecoin Pepe (PEPE) is a strong indicator of overblown crypto market fever.<\/p>\n<p lang=\"en\" dir=\"ltr\">If you want to know when a pull back is coming, just watch $PEPE. It\u2019s literally an index for when the market is getting overheated. When people are confident enough to go there and it pumps, that\u2019s your sign to exit. Works every time. pic.twitter.com\/vMcqiddHwp<\/p>\n<p>\u2014 Ran Neuner (@cryptomanran) October 26, 2023<\/p>\n<p>\u201cIf you want to know when a pull back is coming, just watch PEPE. It\u2019s literally an index for when the market is getting overheated,\u201d said Neuner. <\/p>\n<p>\u201cWhen people are confident enough to go there and it pumps, that\u2019s your sign to exit. Works every time.\u201d<\/p>\n<p>Pepe recently witnessed a more than 100% gain, growing from $0.00000064 on Oct. 20 to a peak of 0.00000134 on Oct. 27. Around the same time Pepe reached its peak, Bitcoin had already begun sliding downward from a recently attained yearly high.<\/p>\n<p>Neuner\u2019s theory has been shared by other crypto traders in the past. On Sept. 23, trader Alex RTB told his 60,000 followers that he had begun using Pepe as a reliable metric for impending short-term declines.<\/p>\n<p lang=\"en\" dir=\"ltr\">This $PEPE pump is another indicator of upcoming #BTC dump. <\/p>\n<p>I am speaking with experience, you can check past price movements. <\/p>\n<p>Pumping coins like $PEPE, $DOGE, $XRP, $IMX, $LINK always indicates the bloodbath, let&#8217;s see how it goes this time. pic.twitter.com\/piseCxRiqD<\/p>\n<p>\u2014 Alex RT\u20bf (@rutradebtc) September 22, 2023<\/p>\n<p>However, the theory also attracted its fair share of skeptics, who claim the data hasn\u2019t always supported the theory.<\/p>\n<p><strong><em>Related:\u00a0BTC price pullback after $35K? Bitcoin funding rates turn \u2018grossly positive\u2019<\/em><\/strong><\/p>\n<p>Dubai-based trader Reetika told Cointelegraph that Pepe\u2019s recent uptick was largely driven by bullish news regarding changes in the team and the fact that it would be burning additional tokens and that it wasn\u2019t necessarily a sign of broader overconfidence in the market. <\/p>\n<p lang=\"en\" dir=\"ltr\">6.9T $PEPE Tokens worth ~$6,000,000 have been burned. https:\/\/t.co\/aN5LRUFz8u<\/p>\n<p>A new team of advisors have been brought on to guide Pepe forward. Uses for the remaining 3.79T tokens attributed to the original team CEX multi-sig wallet for strategic partnerships and marketing\u2026 pic.twitter.com\/JN3ssvH0XL<\/p>\n<p>\u2014 Pepe (@pepecoineth) October 24, 2023<\/p>\n<p>As comparative data from TradingView shows, the price of Pepe is often tightly correlated with that of Bitcoin, which could make it challenging to use the memecoin as an indicator.<\/p>\n<p><em>Comparative price action of PEPE vs. BTC since the inception of Pepe. Source: TradingView<\/em><\/p>\n<p>Reetika, meanwhile, suggested looking at Solana\u2019s SOL (SOL) as a potentially more reliable predictor.<\/p>\n<p>\u201cSOL has been a very good leading indicator for the moves so far. It has broken out of resistances at least a day before BTC\/ETH over this entire move. I\u2019ve been using it actionably for estimating upside,\u201d she said.<\/p>\n<p>Reetika, however, clarified that SOL isn\u2019t a perfect indicator either but had performed well on the most recent move.<\/p>\n<p>Similarly, market commentator and avid crypto shitposter Poordart told Cointelegraph that Pepe probably isn\u2019t the best metric from which to gauge the future price action of majors like Bitcoin.<\/p>\n<p>In Poordarts\u2019 view, Pepe is still far too new to the market to have any \u201creal lasting value\u201d as a reliable metric to gauge the price movements of Bitcoin with any significant accuracy.<\/p>\n<p><strong><em>Magazine: <\/em><\/strong><strong><em>Beyond crypto \u2014 Zero-knowledge proofs show potential from voting to finance<\/em><\/strong><\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-btc-price-overheated-pepe-memecoin-indicator-crypto-traders\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Could Bitcoin (BTC) be headed for an imminent pullback? Some crypto market observers believe the answer could be hiding within the price action of a frog-themed memecoin. In an Oct. 27 post on X (formerly Twitter), Onchain Capital co-founder and Crypto Banter host Ran Neuner suggested that memecoin Pepe (PEPE) is a strong indicator of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13814,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-13813","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13813","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13813"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13813\/revisions"}],"predecessor-version":[{"id":13815,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13813\/revisions\/13815"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/13814"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13813"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13813"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13813"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}