“If SHIB can make $41 billion last cycle, I don’t see how PEPE can’t beat that record,” said a popular X user.
The rally caught the attention of some popular analysts who believe it could mark the start of an uptrend to unprecedented levels.
What’s next?
PEPE is the best performing cryptocurrency (of the top 100 club) and is currently trading at around $0.000005647 (according to CoinGecko data). This is the highest point since mid-November last year.
The frog-themed meme coin’s impressive performance prompted some analysts to pay closer attention and outline bullish forecasts. X user James Wynn, who is known for his highly speculative bets, is one of them.
A few hours ago, he argued that crypto’s bull run isn’t over yet, saying there’s a strong possibility that PEPE “could be at the forefront of memes leading the way as money flows into T1 memes and true fundamental altcoins.”
Wynn made an interesting comparison between PEPE and SHIB, recalling that the latter saw a major rebound toward the end of 2021, with its market capitalization briefly exceeding $40 billion.
“If SHIB can make $41 billion this past cycle, then I don’t see how PEPE can’t beat that record. FYI, it took SHIB less than 1 month to go from $3.5 billion to $41 billion (11.7x). All social media is massively in favor of PEPE, including exchanges that use it as branding in their posts to increase engagement and get more signups. If Shib can do $41 billion, PEPE can do much more. Please note, DOGE did $88 billion. So my target for PEPE is $69 billion,” he concludes.
X user curb.sol also presented an optimistic forecast, albeit more modest than Wynn’s scenario. The analyst accepted that the frog-themed token appears poised for its next leg towards a market cap of over $10 billion.
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Correction on the horizon?
It’s important to note that meme coins are known for their volatile nature, and sharp pumps (like PEPE’s recent one) are often followed by significant pullbacks.
The asset’s Relative Strength Index (RSI) supports the bearish possibility. The technical analysis tool measures the speed and magnitude of the latest price changes to help traders spot reversal points. It ranges from 0 to 100, and ratios above 70 indicate that PEPE is overbought and due for a possible correction. At the time of writing, the RSI is at 83.
Meanwhile, X user Crypto Tony noted PEPE’s “good run” and said they will wait for a pullback before entering the ecosystem.
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