PEPE Coin Could See a Price Breakout Similar to DOGE Coin
The CEO of crypto analysis platform Because Bitcoin, Max Schwartzman, has pointed out similarities between meme coins Dogecoin (DOGE) and PEPE. According to Schwartzman, if history repeats itself, PEPE could experience a price breakout in the near future.
PEPE Coin Following a Pattern Similar to DOGE Coin in 2020
Schwartzman shared a chart on his X platform, showing the striking similarities between PEPE’s price movement in 2023 and DOGE’s movement in 2020. If PEPE continues to follow this pattern, there is a possibility of a breakout in 2024. Just like DOGE, PEPE has been consolidating its price since November.
In 2020, DOGE experienced a significant surge of over 26,000% that led to its all-time high of $0.7 in May 2021. Schwartzman believes that PEPE could have a similar run in 2024.
Similarities Extend Beyond Charts
Aside from the chart patterns, Schwartzman also highlighted the similarity in market caps between PEPE and DOGE. Currently, PEPE’s market cap is around $600 million, which was the same as DOGE’s market cap in December 2020.
PEPE’s Success Tied to Ethereum
Schwartzman also noted a correlation between PEPE and Ethereum. He mentioned that PEPE has been trading like a leveraged Ethereum ETF since earlier this year. Whenever ETH pumps or dumps, PEPE follows suit. This suggests that PEPE could be the preferred meme coin for Ethereum during this cycle.
Crypto analyst Crypto Kaleo also believes that PEPE will reach new all-time highs once ETH starts to move. This relationship between the two tokens is similar to SOL and BONK, where BONK saw new highs due to SOL’s resurgence.
PEPE’s Potential Upside
With ETH showing signs of a significant rally, Schwartzman and Kaleo believe that PEPE could also move upward soon. If PEPE continues to follow DOGE’s pattern and benefits from Ethereum’s performance, a price breakout could be on the horizon.
Hot Take: PEPE Coin Could Mimic DOGE Coin’s Success
Based on the similarities in price movement and market cap between PEPE and DOGE, there is speculation that PEPE could experience a breakout similar to DOGE’s surge in 2020. Additionally, the correlation between PEPE and Ethereum suggests that it could be the preferred meme coin for Ethereum during this cycle. With ETH poised for a rally, PEPE may see significant upside in the near future. Investors should keep an eye on PEPE as it may offer potential opportunities for growth.
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