PEPE/USD Catches the Attention of Crypto Traders, Who Think the Frog-Themed Meme Coin Is Destined for Further Gains

Following a 10% rally on Wednesday, Pepe PEPE/USD has caught the attention of cryptocurrency traders, who think the frog-themed meme coin is destined for further gains.

Cryptocurrency traders are keeping a close eye on Pepe PEPE/USD after the frog-themed meme coin surged 10% on Wednesday.

What Happened: Crypto analyst Bluntz noted that “frogs are back in fashion.”

looks like frogs are back in fashion, $pepe downtrend break with volume. ? pic.twitter.com/MLY9F2SEex

Trader Jameson predicted an “inevitable monster breakout” for Pepe, expecting an uptrend once Bitcoin moves. He sees the “real rewards” coming as Ethereum reverses its downtrend against Bitcoin, calling Pepe the “chosen altcoin of this cycle.” He predicted it will outpace Shiba Inu.

VikingXBT also predicted upside, but only after a retrace.

Started doing leverage again after a long break.

I think $PEPE looks good. However I do think we're going to get a small retrace, so would ladder in buys. pic.twitter.com/lC0I0s63tN

See More: Meme Coin ‘Doge Jones Industrial Average’ Launches Meme Coin Sentiment Tracker In Push To ‘Flip The Dow’

Why It Matters: As Donald Trump won the U.S. presidential election, major centralized exchanges like Kraken and Robinhood Crypto announced news for Pepe.

Kraken listed the meme coin for its U.S. clients and Robinhood announced that Pepe transfers are now live on the app. By withdrawing and depositing Pepe, traders will get a 1% deposit bonus for a limited time.

According to IntoTheBlock, large transactions increased by 252.9% and daily active addresses rose by 61.8%. Transactions over $100,000 increased from 162 to 409 in a single day and the holders’ balances stand at $1.8 billion.

What's Next: The influence of meme coins is set to be explored in depth at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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