PEPE coin has recorded a massive surge of 88 percent in the last seven days, outperforming Shiba Inu and Dogecoin.
Analysts have predicted that the asset could close the year at a $0.000002 trading price. 

PEPE has taken the lead as the best meme coin after surging by a whopping 26 percent in the last 24 hours to trade at $0.000001. This takes its weekly gains to 88 percent. Currently, the PEPE coin has a 24-hour trading volume of $354,032,774 and a market cap of $469,424,391. Comparatively, Dogecoin has fallen by 1.17 percent in the last 24 hours but has a positive gain of 13 percent in the last seven days to trade at $0.066753. Dogecoin has a 24-hour trading volume of $414,847,301 and a market cap of $9,429,680,533.

Also, Shiba Inu has a 24-hour surge of 0.43 percent and a weekly surge of 11 percent to hit $0.000008. The meme coin has a 24-hour trading volume of $178,138,147 and a market cap of $4,481,471,005. 

This incredible run has brought back attention to the meme ecosystem and has been linked to the recent report that it has burnt 6.9 trillion $PEPE tokens from the CEX multi-sig wallet. Many investors are currently contemplating whether they should accumulate more of the asset or exit their position. In its daily chart, the asset has faced about a 6.6 percent correction. Experts believe that investors are trooping into the market for a quick gain since the asset has no tangible use case. 

How PEPE Compares with Dogecoin and Shiba Inu

According to experts, PEPE looks a lot riskier than Dogecoin and Shiba Inu since its price is completely based on speculation. Also, the next movement of the PEPE price would depend on the direction of Bitcoin since it is dragging the altcoins along. In all of these market rallies, Bitcoin exists as the dominant asset with a 0.92 percent surge in the last 24 hours and a 22.9 percent surge in the last seven days to hit $34,703.76. 

Analysts, after assessing the PEPE’s daily time frame, have observed that the asset trajectory has been vertical since hitting the October 19 low of $0.0000006. The current rally was also explained.

This rally culminated in the formation of a bullish reversal pattern known as a “double bottom,” confirmed when the price shattered the $0.00000085 resistance on October 23rd. The next day saw a slight pullback, as the coin retested the broken resistance as new-found support.

PEPE currently has a resistance level of $0.000001 and a support level of $0.000001. The asset has been predicted to go as high as $0.000002 before the year ends. 

Shiba Inu is still predicted to seize control from PEPE as Finder’s panel of analysts has predicted that the asset can surge by 605 percent to hit $0.00004930 by 2025. This implies that a $1000 investment can turn into $7000 in just two years. For this prediction to materialize, it has been explained that the asset must record a massive adoption rate and increase its burns. For now, there are rumors of a new burn mechanism where trillions of the tokens would be burnt every year.

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Filed under: Bitcoin - @ October 25, 2023 6:04 pm