Is Bitcoin overheated? Some believe the answer is hiding in PEPE

Some crypto market observers believe the response could be concealing within the cost 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 indication of overblown crypto market fever. If you want to understand when a pull back is coming, simply watch $PEPE. Its actually an index for when the market is getting overheated.

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Some crypto market observers believe the response could be concealing within the cost 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 sign of overblown crypto market fever. The theory also draws in a reasonable share of skeptics, while the data hasnt constantly supported the theory.Dubai-based trader Reetika informed Cointelegraph that Pepes current uptick was largely driven by bullish news regarding modifications in the group and the truth that it would be burning additional tokens, and wasnt necessarily an indication of wider overconfidence in the market. Comparative price action of PEPE vs BTC because the beginning of Pepe. Reetika however clarified that the SOL isnt a perfect indicator either, but had actually carried out well on the most current move.Similarly, market analyst and avid crypto shitposter Poordart, informed Cointelegraph that Pepe most likely isnt the finest metric from which to evaluate the future rate action of majors like Bitcoin. In Poordarts view, Pepe is still far too new to the market to have any “real lasting value” as a reliable metric to evaluate the price movements of Bitcoin with any substantial precision.

As relative data from TradingView shows, the cost of Pepe is frequently securely associated with that of Bitcoin, which might make it challenging to use the memecoin as an indication. Comparative price action of PEPE vs BTC given that the creation of Pepe. Source: TradingViewReetika, meanwhile, suggested taking a look at Solana (SOL) as a possibly more trusted predictor. “SOL has been a very great leading indication for the relocations so far. It has broken out of resistances a minimum of a day before BTC/ETH over this whole move. Ive been utilizing it actionably for estimating upside,” she stated. Reetika however clarified that the SOL isnt a best indicator either, but had actually performed well on the most recent move.Similarly, market commentator and avid crypto shitposter Poordart, told Cointelegraph that Pepe most likely isnt the best metric from which to assess the future cost action of majors like Bitcoin. In Poordarts view, Pepe is still far too brand-new to the market to have any “real lasting worth” as a trusted metric to evaluate the cost movements of Bitcoin with any significant accuracy. Magazine: Beyond crypto– Zero-knowledge evidence reveal prospective from voting to finance

” If you would like to know when a pull back is coming, simply view $PEPE. Its actually an index for when the marketplace is getting overheated,” stated Neuner. “When people are confident enough to go there and it pumps, thats your indication to exit. Works every time.” Pepe just 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 actually currently begun moving downward from a just-attained year high. Neuners theory has actually been shared by other crypto traders in the past. On Sept. 23, trader AlexRTB informed his 60,000 followers that he had begun utilizing Pepe as a trustworthy metric for impending short-term declines. This $PEPE pump is another sign of upcoming #BTC dump. I am speaking with experience, you can inspect past cost movements. Pumping coins like $PEPE, $DOGE, $XRP, $IMX, $LINK constantly shows the bloodbath, lets see how it goes this time. pic.twitter.com/piseCxRiqD— Alex RT (@rutradebtc) September 22, 2023

The theory also draws in a fair share of doubters, while the information hasnt constantly supported the theory.Dubai-based trader Reetika informed Cointelegraph that Pepes current uptick was largely driven by bullish news regarding changes in the team and the reality that it would be burning additional tokens, and wasnt necessarily a sign of broader overconfidence in the market. Uses for the remaining 3.79 T tokens associated to the original group CEX multi-sig wallet for strategic collaborations and marketing … pic.twitter.com/JN3ssvH0XL— Pepe (@pepecoineth) October 24, 2023