April 4, 2024 7:27 AM | 2 min read |
The recent surge of PEPE (CRYPTO: PEPE) has market observers buzzing in the wacky world of memecoins.
What Happened: Over the past two months, this internet frog-faced favorite has seen its market cap balloon to over $3 billion, sparking a frenzy among investors and traders.
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“There’s a definite buzz around PEPE,” a crypto analyst tells Benzinga. “Many believe it’s still got room to grow.”
This bullish sentiment stems from several factors.
PEPE’s limited supply, with all 420.69 trillion coins already in circulation, creates a scenario where demand could outstrip supply.
This is backed up by recent price action – PEPE briefly touched $4 billion before a slight pullback.
Technically, things are looking up for PEPE too.
Its Relative Strength Index (RSI) sits at a healthy 66, and its 50-day Exponential Moving Average (EMA) rests at $0.0000079, indicating potential for continued growth.
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But can PEPE dethrone the reigning memecoin king, Shiba Inu (CRYPTO: SHIB)?
Also Read: Bitcoin’s 5.6% Price Slide Takes It Below $66K… Except In This One Country
Why It Matters: Currently, SHIB sits comfortably at number 13 on the CoinGecko charts, while PEPE fights for a spot in the top 45.
SHIB boasts a loyal and established community, giving it a significant head start, with a follower count on X (formerly Twitter) of 3.8 million.
However, PEPE’s undeniable rise in popularity can’t be ignored. Its following on X sits at 678,000. It trades at just under $3 billion in market capitalization but is already the second-biggest meme coin on Ethereum. Furthermore, the meme seems to have a special place in the heart of Elon Musk.
What’s Next: This narrative of competition and potential disruption in the memecoin hierarchy comes at a time when the broader cryptocurrency market anticipates the upcoming Bitcoin halving event.
It’s a period rife with speculation and opportunity, echoing the themes of innovation and speculation that will be central to discussions at Benzinga’s Future of Digital Assets conference on Nov. 19.
The event promises to offer a platform for exploring such trends in depth, with PEPE’s recent performance serving as a case study in the volatility and excitement inherent in the digital assets space.
Read Next: US Government Makes Surprise $2B Bitcoin Transfer On Heels Of Silk Road Seizure
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