Will ETH Take PEPE Down With It In The Current Market Slump?

The world of meme coins is dicey. These coins are internet memes that have become so popular that they have become digital assets or crypto coins. And you know what they say about memes? What blows up fizzles out. Therefore, memecoins slowly lose value as the meme gets old and people lose interest. As a result, memecoins are super volatile, and they can either blow up or lose their value completely.  

One such meme coin is PEPE. Since the start of the month, it has lost nearly 65% of its innate value. As a result, people who have invested in the coin are on the edge. PEPE is the second biggest ETH meme coin in the market. The first is Shiba Inu or SHIB. However, PEPE is in trouble as it has plummeted sharply and is currently groveling at $0.000010. 

This sharp decline has certainly put everyone on edge. However, market experts at Crypto News believe that this decline is part of a broader market selloff strategy and is also partially influenced by ETH’s current slump. Therefore, things might work out in the end. 

ETH In The Red 

ETH, one of the largest layer-1 blockchains, has been trailing behind compared to its compatriots like BTC and SOL. In the last 12 months, ETH has declined by 5%, while BTC and SOL have surged by 12%. On top of that, ETH has also lost market shares in sectors like non-fungible tokens, meme coins, and decentralized finance. This has severely impacted the token and its value. Data shows investors abandoned the ship and took their business to Solana.  

Still, there is some hope that the token might break the slump and break the $4,000 mark. If ETH breaks the said mark, some strong bullish sentiment can fuel the token. Analysis suggests that if ETH breaks the $4K mark, it can reach $5k in no time. This will not just help RETH but will also help other coins in its ecosystem, like PEPE. Similarly, if ETH continues its downward spiral, it can also take PEPE down with itself. Therefore, the whole situation is balancing on a needle.