A trader known for making timely crypto market calls thinks that one surging memecoin is poised to more than double its valuation.

Early last week, pseudonymous analyst Hsaka told his 554,600 followers on the social media platform X that he believes frog-themed memecoin Pepe (PEPE) will soar in market cap en route to dethroning its rival Shiba Inu (SHIB).

At the time, PEPE was the 28th-largest crypto by market cap.

Source: Hsaka/X

Since then, the Ethereum (ETH)-based memecoin has been on a tear, rallying by about 71% in a matter of days. Hsaka shares another chart showing that PEPE has leapfrogged six other crypto assets in terms of market cap rankings.

“Update: the climb to the top continues.”

Source: Hsaka/X

Hsaka is not the only crypto strategist bullish on PEPE. Fellow analyst Kaleo tells his 640,600 followers on the social media platform X that it is within the realm of possibility for PEPE to witness massive gains in this bull market based on the performance of SHIB and Dogecoin (DOGE) last cycle.

“PEPE is only at a $6 billion market cap. DOGE hit a max market cap of $75 billion last cycle, and SHIB hit nearly $50 billion. I think it’s safe to say there’s still plenty of upside for the frog.”

At time of writing, PEPE is worth $0.0000152, up about 7% in the past 24 hours.

Generated Image: Midjourney

The post Trader Predicts One Red-Hot Memecoin Dethroning Shiba Inu and Becoming 13th-Largest Crypto by Market Cap appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ May 26, 2024 8:12 pm