Pepe Price Prediction as PEPE Nears Shiba Inu’s Market Cap – Can It Overtake SHIB and DOGE?

  • May 31, 2024
  • 0

Pepe is up today as selling pressure eases amidst broader market growth, positioning it to challenge Shiba Inu and Dogecoin for the title of the largest meme coin by market cap.

The PEPE price has experienced a 9.43% increase over the past 24 hours, raising its price to $0.00001479, amidst a broader market growth.

Additionally, PEPE’s 24-hour volume has dipped 13.94% to $1.92B billion, suggesting eased selling pressure.

In a reversal from the last few days, PEPE has posted a weekly gain of 8.36%, extending its impressive monthly rise of 143.81%.

Over the past year, PEPE has yielded a remarkable return of 1,087.50%, outperforming major cryptocurrencies like BTC, ETH, and SOL.

Can Pepe Overtake SHIB and DOGE?

After dipping over the past 48 hours, it seems that PEPE might be leading towards a rally.

Notably, its Relative Strength Index (Purple) has rebounded from 25 to 60 in the past 24 hours. This could indicate a shift in momentum towards the upside, as buying pressure overtakes selling pressure.

This prospect is supported by PEPE’s 24-hour volume, which has dipped 13.94% to $1.92B. This confirms that selling pressure has eased as PEPE sees fewer outflows.

However, PEPE is currently hindered by a negative trendline (yellow) that has acted as resistance over the past 48 hours. If the PEPE price can decisively break above this trendline, it may signal a shift from a downtrend to an uptrend.

Additionally, the meme coin’s 30-day moving average (orange) continues to trend below the 200-day moving average (blue) since their crossover. This suggests a possible continuation of the downtrend before a complete shift to the upside.

Therefore, this negative price action may be a temporary correction within a wider uptrend.

PEPE currently has a market capitalization of $6.21B, positioning it as the third-largest meme coin by market cap. It follows SHIB at $15.59B and DOGE at $24.38B, two of the most established meme coins.

While PEPE would need to quadruple its market cap to claim the title of the largest meme coin, this goal remains entirely credible given the token’s potential upside.

In contrast, DOGE and SHIB are constrained by their high market caps, which limits their potential for large gains.

This factor may incentivize investors to consider PEPE instead.

Traders Are Moving to Low-Cap Coins For Big Gains

Despite the potential for better gains compared to its larger counterparts, PEPE has already reached large-cap status, making it unlikely to experience truly substantial gains in the future.

For traders seeking faster and more substantial returns, exploring newer low-cap meme coins poised for explosive growth could be a strategic move.

Enter PlayDoge ($PLAY), the latest meme coin capturing the attention of meme fans, gamers, and crypto enthusiasts. Some speculate it has 100x potential, and you’ve caught it early.

The meme coin market is over-saturated with Shiba Inu-themed coins boasting little to no real utility. Something which may credit $PLAY’s recent success, raising over $600,000 in its presale within the first few days.

PlayDoge is built around gaming utility, transforming the iconic Doge meme into a play-to-earn Tamagotchi-style virtual pet, embracing 90s nostalgia.

It will enable players to earn rewards through nurturing their pets and taking them on adventurous journeys. Timely feeding, training, and sleep all go towards the rewards earned by the conscientious pet owner.

Harnessing decentralized crypto networks, PlayDoge aims to establish a gaming economy rooted in tangible value, using the $PLAY token to monetize gameplay.

Leveraging the global appeal of the beloved Doge meme, and industry valued at $27.3B according to CoinMarketCap data, the growth potential is substantial.

Keep in touch with project developments by joining the community on X and Telegram.

Buy PlayDoge Here

The post Pepe Price Prediction as PEPE Nears Shiba Inu’s Market Cap – Can It Overtake SHIB and DOGE? appeared first on Cryptonews.

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