Pepe, a popular meme coin, has been making waves in the cryptocurrency market with its recent price surge. However, its success may be short-lived due to its strong correlation with Ethereum. According to data from IntoTheBlock, Pepe's correlation with Ethereum stands at 0.91, indicating that the two cryptocurrencies move in tandem. This could spell trouble for Pepe if Ethereum's price consolidates or declines.

While Pepe's price has appreciated by 3.35% in the past 24 hours, Ethereum's price has remained stagnant. This disparity in performance has raised concerns about Pepe's ability to sustain its growth. Furthermore, data from Santiment reveals that exchange outflows for Pepe have increased, indicating that investors are accumulating the token but refraining from keeping it on exchanges. This could be a sign that investors are cautious about Pepe's future performance.

Despite the uncertainty surrounding Pepe's price, some analysts predict that it could reach $0.000013 in the short term. However, this prediction is contingent upon the token's ability to break free from its correlation with Ethereum. If Pepe's price continues to mirror Ethereum's, it may struggle to reach new heights. Additionally, data from IntoTheBlock reveals that the number of addresses holding $1,000 to $10 million worth of Pepe has decreased, indicating a decline in large-holder addresses. This could further impact Pepe's value in the short term.

The fate of Pepe is closely tied to Ethereum's performance, and investors are advised to exercise caution. While Pepe's price may continue to fluctuate, its strong correlation with Ethereum makes it vulnerable to market volatility. As the cryptocurrency market continues to evolve, it remains to be seen whether Pepe can break free from its correlation with Ethereum and forge its own path.

In conclusion, Pepe's recent price surge may be short-lived due to its strong correlation with Ethereum. While some analysts predict that Pepe could reach new heights, its ability to do so is contingent upon its ability to break free from its correlation with Ethereum. Investors are advised to exercise caution and monitor the market closely as the fate of Pepe remains uncertain.