Max Schwartzman, the CEO of crypto evaluation platform As a result of Bitcoin, has drawn similarities between meme cash Dogecoin (DOGE) and PEPE. If historical past is to repeat itself, then a price breakout might be on the horizon for PEPE.
PEPE Sharing A Comparable Sample As DOGE In 2020
In a post on his X (previously Twitter) platform, Schwartzman drew the crypto group’s consideration to “some striking similarities” between PEPE in 2023 and DOGE in 2020. From the accompanying chart that he shared, one may see that PEPE’s value motion in 2023 is equivalent to DOGE’s in 2020.
Supply: X
If PEPE is to proceed transferring in an identical sample, then the meme coin’s value may get away in 2024. PEPE’s value has been consolidating since November, identical to DOGE’s value did between Might 2020 and the brand new yr earlier than it rose to its all-time excessive of $0.7 in Might 2021. DOGE surged by over 26,000% to hit that value stage.
Due to this fact, there may be the likelihood that 2024 might be PEPE’s breakout yr, during which it goes on to take pleasure in an identical run as DOGE did in 2021. Apparently, the putting similarities between each meme cash aren’t solely on the charts. Schwartzman highlighted the truth that PEPE’s present market cap of about $600 million was additionally DOGE’s market cap as of December 2020.
PEPE spearheaded the meme coin frenzy again in Might, because the crypto token was an instantaneous stumble on its launch in April 2023. It grew to become one of the crucial traded tokens throughout that interval, with its value skyrocketing in consequence. In August, the PEPE ecosystem experienced a setback as some ex-team members bought off greater than half of its vested tokens.
DOGE Value struggling at $0.09 | Supply: DOGEUSD on Tradingview.com
PEPE’s Success Hinged On Ethereum’s
Max Schwartzman additionally highlighted a correlation between the Pepe coin and Ethereum. He talked about that the previous has been buying and selling “like a leveraged Ethereum ETF” since earlier this yr. PEPE is alleged to pump each time ETH does and dumps each time ETH does. As such, the crypto founder believes that PEPE might be the “meme coin of choice for Ethereum this cycle.”
Crypto analyst Crypto Kaleo also recently stated that he sees PEPE printing new all-time highs as soon as ETH begins to maneuver. He likened the connection between each crypto tokens to one thing just like the one between SOL and BONK.
BONK noticed new all-time highs on the again of SOL’s resurgence. The meme coin additionally climbed as much as become the third-largest dog coin by market cap within the course of.
Following a gradual begin, ETH seems ready for a significant rally, which signifies that PEPE may additionally transfer to the upside anytime quickly, based mostly on Schwartzman and Kaleo’s evaluation.
Featured picture from CoinMarketCap, chart from Tradingview.com
