Tokens listed on major exchanges are usually good news as they can increase liquidity and attract market attention. Recently, Pepe [PEPE] landed on Coinbase and its price quickly soared 50% to a record high of $0.00002524, which may also be due to the market trend of Bitcoin rising to $90,000.
However, this rally did not last long. Just one day later, PEPE fell back by 10%, almost wiping out half of its previous gains. However, on the positive side, there is still hope for the market!
Looking back at the last market cycle, we can see that memecoins outperformed many top altcoins, and 70% of the top 10 tokens in terms of growth were meme-related projects.
Now, as the overall market is under pressure due to the correction of Bitcoin prices, it remains to be seen whether PEPE can regain its upward trend. Currently, the token also faces many challenges, such as competition from DOGE. The latter has shown stronger resistance to declines in the previous market downturn, adding more uncertainty to PEPE's subsequent performance.
Memecoin ‘supercycle’ emerges as altcoins lag
Interestingly, despite the volatile price, memecoins have attracted a lot of capital and even outperformed the top altcoins. This phenomenon is highly consistent with the trend of the previous bull run. This trend was further confirmed when DOGE surpassed XRP in market capitalization and climbed to the sixth place.
These developments have brought about significant changes in the market landscape, with investors turning to memecoins when market volatility increases or when Bitcoin hits highs. Over the past 30 days, the number of wallets holding between 10 million and 100 million DOGE has increased significantly from 18.3 billion to 18.7 billion. In the past 24 hours alone, traders purchased 140 million DOGE worth approximately $56 million.
Source: Santiment
DOGE, the largest memecoin by market cap, had a green candle chart for a week, with daily gains of up to 20%. However, on November 14, it suddenly fell by 9%, erasing the gains of the previous two days.
Nonetheless, whale activity suggests that DOGE is ready for a rally. This is similar to what happened in the previous cycle, when bulls saw the lows as an opportunity to accumulate, setting the stage for DOGE’s parabolic move.
Now, the key question is:
Who will lead the next super cycle?
With a weekly gain of nearly 100%, PEPE outperformed its competitors, leaving all shareholders in a favorable position. However, profits were slim, with DOGE not far behind, with a price increase of more than 80% in less than seven trading days.
On one hand, DOGE is expected to hit new highs, with some speculating that it will rise to $1 due to high-profile endorsements and political support. On the other hand, PEPE is performing well after its listing on Coinbase.
Therefore, both memecoins have strong support from various indicators and are expected to lead the upcoming "super cycle". However, only one will win.
Source: Glassnode
Since its listing, PEPE has seen massive accumulation, with traders trading up to 6 trillion tokens in a single day. Similar to DOGE, PEPE has attracted significant interest from both retail and institutional investors.
However, since traders analyze historical patterns and market sentiment before making their next move, it seems that DOGE has a better chance of taking the lead once it outperforms PEPE.
DOGE’s presence in the political sphere is expected to play a major role in its dominance. As the memecoin undergoes a transformation to become a reliable asset class during volatile times, DOGE’s endorsement and support from prominent figures such as Elon Musk could give it an advantage.
Moving forward, investors may want to keep an eye on DOGE as it has been in the news and continues to draw a lot of attention in hopes of reaching the $1 level.
