PEPE coin is unstoppable. Can it surpass Dogecoin and Shiba Inu in the future?
With the rise of the MEME coin trend, the market is full of curiosity and expectation about whether PEPE coin can become the leader in the MEME coin field in 2024.
The potential of PEPE coin has been vividly demonstrated in a recent case: a savvy trader has earned a return of up to 46.3 million US dollars with only an investment of 3,000 US dollars. This remarkable success story undoubtedly shows the high-risk and high-return characteristics of the cryptocurrency market.
It is worth mentioning that this leap forward of PEPE coin was achieved after it successfully landed on mainstream exchanges and was enthusiastically sought after by well-known retail trader Keith Gill. This series of factors jointly promoted the rapid growth of the value of PEPE coin.
Now, let's briefly compare the market performance of the three MEME coins, PEPE, SHIB and DOGE, based on the latest market value data:
PEPE: Currently trading at $0.00001333, the market value is stable at about $4.69 billion, and the daily trading volume is as high as $1.623 billion. In the past week, its price has risen by 26.79%. But to match the market value of SHIB, it still needs to rise by about 221.8%.
SHIB: The current price of Shiba Inu coin is $0.00002553, with a market value of about $15.05 billion and a daily trading volume of $786.95 million. From a technical perspective, it presents a bull flag pattern, which may indicate that the market will enter a period of consolidation in the future.
DOGE: The price of Dogecoin is currently $0.1659, up 6.87% from last week. The technical chart shows that Dogecoin is showing signs of an imminent rise, foreshadowed by a symmetrical triangle pattern. However, it is currently facing an important resistance level of $0.1545, while the 50-day exponential moving average of $0.1513 also provides some support. If it can successfully break through these resistance levels, its target price is expected to reach $0.3.
So, can PEPE coin surpass Dogecoin and Shiba Inu coin?
From the perspective of market performance, the market momentum of PEPE coin mainly comes from its wide adoption and high liquidity. At present, its on-chain activities are very active, with nearly $60 million in Wrapped Ether (WETH) reserves and more than 22.There are 30,000 holders, and a total of about 2 million transactions have been managed.
In addition, market sentiment is generally bullish, especially in the PEPE ecosystem, and the buying behavior of a large number of whales further indicates its bull market potential.
What's more, if the U.S. Securities and Exchange Commission approves the listing application for spot Ethereum ETF, this may further push up the price of PEPE coins, reflecting the market's optimistic expectations for Ethereum and its related ecology.
Although the results are still full of uncertainty, the future development of PEPE currency is indeed worth looking forward to.
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