PEPE is following in Dogecoin's footsteps and may potentially replace Dogecoin to some extent. With Elon Musk's support and community backing, PEPE is poised for a rebound in 2025, which looks astonishingly similar to Dogecoin's in 2021.
Dogecoin was launched in 2013 as a joke based on the 'Doge' meme featuring a Shiba Inu. For years, it was a niche cryptocurrency with no real backing or purpose, but everything changed with Elon Musk's involvement.
In 2021, Musk began talking about Dogecoin on Twitter, calling it 'the people's cryptocurrency,' even giving himself the title 'Dogefather.' The price of Dogecoin surged instantly. However, Musk did not stop at social media; he moved forward to make Dogecoin functional in real life.
His electric vehicle company Tesla has started accepting Dogecoin as a payment method for its merchandise. The space exploration company has also done the same. All these developments have turned Dogecoin from a meme into a real currency that people can use to settle transactions.
Following Dogecoin, Musk's influence is now focused on PEPE. This new meme coin is inspired by the 'Pepe the Frog' meme, which has been an internet icon for years. The PEPE token is newer and has a smaller market cap than Dogecoin.
He shared a meme of Pepe the Frog with the caption 'Explaining the Constitutional Amendment.'
Since its launch in April, PEPE coin has quickly gained popularity.
Can PEPE reach the heights of Dogecoin?
The biggest question now is whether PEPE can achieve the same success as Dogecoin. While PEPE's market cap is currently much smaller, the token has shown the ability to exhibit very rapid growth due to Musk's involvement.
In fact, if Musk officially supports PEPE, the currency's popularity and price could easily skyrocket to astronomical figures, just like Dogecoin.
Some continue to speculate that Tesla will accept PEPE as a payment method, but so far, there has been no concrete news, although this would greatly enhance PEPE's credibility and visibility.
However, it is likely that relying solely on Musk's influence will not be enough to sustain PEPE. Once again, the hype surrounding the token is key to its success or failure, just like with Dogecoin.
Data from CoinMarketCap shows that PEPE surged by 54.7% due to Musk's slip of the tongue. The official PEPE Twitter account even quoted Musk's tweet, adding a comment about 'catching the production meme.'
Elon Musk's influence is considered crucial, as his tweets can trigger significant price fluctuations in the cryptocurrency market. For example, another meme coin, Milady Meme Coin (LADYS), surged by 12,056% after Musk tweeted.
Another meme coin that has surged due to Musk's influence is Kekius Maximus (abbreviated KEKIUS), which has skyrocketed over 3,000% since Musk used the name on Twitter. However, since Musk changed his profile name, the price of KEKIUS has plummeted.
In short, Elon Musk's tweets and actions often lead to meme coins' prices skyrocketing, but when the billionaire's attention shifts elsewhere, the prices of these meme coins also plummet rapidly.
Since its low point in mid-December, Pepe's stock price has risen by 34%, with a significant increase after Elon Musk changed his X avatar to Pepe the Frog dressed as a gladiator.
The shift from Dogecoin to Pepe caused the token's price to rise from $0.0000144 on December 24 to a peak of $0.00002828. It is currently trading at about $0.00002025.
Analysts have compared it to Dogecoin and predict it could see substantial growth in the 2025 bull market, potentially reaching a value between $40 billion and $125 billion. In terms of trading volume, the token's current volume even surpasses Dogecoin's, with a 24-hour trading volume of $3.8 billion compared to Dogecoin's $1.9 billion.
As Pepe's popularity rises, other Pepe-themed currencies continue to emerge, such as Pepe Unchained, which is launching tools to create meme coins without coding, while Wall Street Pepe is building a platform for trading meme coins and providing rewards.
The presale of Wall Street Pepe raised $38.5 million in its first month, benefiting from the hype surrounding Pepe.
Analysts are very optimistic about the PEPE coin, comparing it to Dogecoin's price trajectory during the 2021 bull market. They believe PEPE follows a similar pattern, rising as Bitcoin breaks its historical highs, and predict PEPE will continue to rise as Dogecoin did in 2021.
Last year, PEPE's price trajectory was similar to that of Dogecoin in 2020, with PEPE's market cap soaring from $600 million to over $8 billion since then. It has risen 1,400% so far this year, and the uptrend is just beginning.
Cryptocurrency analysts are also optimistic, with some pointing out that PEPE has formed a 'bullish flag' or 'bullish triangle' on its chart. These patterns suggest that PEPE may continue to rise, possibly reaching $0.000038 in the near future. Currently, PEPE is slightly cooling down but still trades around $0.00002017.
