Pepe Price Prediction: Can PEPE Surpass SHIB and DOGE in Market Cap?

June 2, 2024 · Crypto News, TGbot · Source:NewCoinSpot

As selling pressure eases and the overall market grows, Pepe (PEPE) has seen a significant price increase today, positioning itself to potentially challenge Shiba Inu (SHIB) and Dogecoin (DOGE) as the meme coin with the highest market cap.

Current Performance:

  • Price Increase: Over the past 24 hours, PEPE’s price surged by 9.43%, reaching $0.00001479 amidst broader market growth.
  • Trading Volume: PEPE’s 24-hour trading volume fell by 13.94% to $1.92 billion, indicating reduced selling pressure.
  • Weekly and Monthly Gains: PEPE achieved a weekly gain of 8.36%, extending an impressive 143.81% monthly increase.
  • Annual Return: Over the past year, PEPE’s return has been a staggering 1,087.50%, outperforming major cryptocurrencies like BTC, ETH, and SOL.

Technical Analysis:

  • Relative Strength Index (RSI): The RSI (in purple) increased from 25 to 60 in the past 24 hours, suggesting a potential upward shift in momentum as buying surpasses selling.
  • Resistance and Support: PEPE is currently facing resistance from a downward trendline (in yellow) that has held for the past 48 hours. A decisive break above this trendline could signal a shift from a downtrend to an uptrend.
  • Moving Averages: PEPE’s 30-day moving average (in orange) remains below the 200-day moving average (in blue) since their crossover, indicating that a downtrend may persist before a full upward reversal occurs. This negative price action could be a temporary correction within a broader upward trend.

Market Cap and Potential:

  • Current Market Cap: PEPE’s current market cap stands at $6.21 billion, making it the third-largest meme coin.
  • Comparative Market Caps: PEPE trails behind SHIB, with a market cap of $15.59 billion, and DOGE, with a market cap of $24.38 billion.
  • Growth Potential: To become the largest meme coin, PEPE would need to quadruple its market cap. This goal is feasible given the token’s potential for growth and investor interest.
  • Investor Attraction: With DOGE and SHIB’s high market caps potentially limiting their substantial gains, investors might be motivated to consider PEPE for its growth potential.

Conclusion:
While PEPE faces some immediate resistance, its recent performance and potential for significant gains make it a strong contender in the meme coin market. With continued momentum and breaking through current resistance levels, PEPE could challenge SHIB and DOGE, potentially becoming the largest meme coin by market cap. Investors looking for substantial returns might find PEPE an attractive option compared to the more established DOGE and SHIB.