The Correlation Between Pepe and Bitcoin Holders - COINTURK NEWS
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The Correlation Between Pepe and Bitcoin Holders

4:05 am (115 days ago)
August 18, 2023

Pepe (PEPE) was one of the most searched meme coins at the beginning of the year. As its popularity increased, the number of addresses, which was around 137,000 at the time of writing, also increased. In contrast, only 10,300 addresses were holding Bitcoin at the time of writing.

Pepe and Bitcoin Holders in Common

Not only short-term addresses held PEPE; it was observed that many Bitcoin (BTC) whales were also interested in the meme coin. According to Nansen, 1.27% of all addresses holding PEPE and BTC had both coins. There were over 50,000 BTC in a total of nine addresses.

An address called Hgvmax.eth emerged as the leading holder of both Pepe and Bitcoin. The total value of Hgvmax.eth’s Pepe and Bitcoin assets exceeded $650,000 at the time of writing. However, the most significant wallets were in Unibot, where their ownership exceeded $800,000.

Not Only Pepe

An even more remarkable participant known as Elite DEX investors started investing in mid-May when they acquired 18.3 million tokens. According to Zerion, they gradually increased their assets and reached an average token cost of $0.0036, recovering most of their initial investments. Similar to Token Millionaire, this trader also had a modest amount of Pepe, although only a small residue due to the profitable sale of their primary stacks.

This Elite DEX Investor demonstrated increased activity in meme coin trading by holding an eclectic mix of tokens in their portfolio. Beyond Bitcoin and Pepe, their involvement extended to various other cryptocurrencies, shaping a diversified investment strategy.

Correlation Between BTC and Meme Coins

According to Nansen’s data, most of the largest Bitcoin holders, including four out of the top 10 Bitcoin holders, previously owned or currently own Pepe. This interesting relationship between BTC and meme coins could provide context for what the future holds for these cryptocurrencies.

In the past three months, PEPE showed the highest correlation with BTC in July. Subsequently, Shiba Inu (SHIB) and Dogecoin (DOGE) exhibited similar price movements to BTC in early August. However, at the time of writing, no significant correlation was observed between any of the meme coins and BTC, as the leading coin exhibited only sideways movement during this period.

Activities on the social front can play a crucial role in determining the future success of these meme coins. The social interaction count for PEPE increased by 53.4%. For DOGE, this increase was 20.6% in terms of mentions and 1.1% in terms of interactions. Shiba Inu observed the highest increase in the meme coin sector and experienced a 119% increase in mentions and a 74.5% increase in interactions over the past week.

In terms of overall sentiment, all these meme coins showed a significant increase in weighted sentiment. This indicates that the positive outlook for these tokens outweighed the negative ones at the time of publication. However, the emergence of tokens like BALD could pose a risk to these meme coins and impact their ongoing dominance.

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