Max Schwarzman, CEO of a cryptocurrency analysis platform, said Bitcoin drew similarities to meme coins. Dogecoin (governor) and pepe. If history repeats itself, price breakout PEPE may be on the horizon.
PEPE shares a similar pattern to DOGE in 2020.
in post Schwartzman drew the attention of the cryptocurrency community on his From the attached chart he shared, we can see that the price movement of PEPE in 2023 is the same as: DOGE in 2020.
Source: X
If PEPE continues to move in a similar pattern, the price of the meme coin could break out in 2024. The price of PEPE has been consolidating since November, just as the price of DOGE has risen to all-time highs between May 2020 and the new year. Highest at $0.7 in May 2021. DOGE surged more than 26,000%. To reach that price level.
Therefore, 2024 is likely to be a breakout year for PEPE, and PEPE is likely to continue enjoying the following performance: DOGE did that in 2021. Interestingly, the striking similarities between the two meme coins aren’t just in the charts. Schwartzman highlighted the fact that PEPE’s current market capitalization of approximately $600 million is also the market capitalization of DOGE as of December 2020.
led by PEPE Meme Coin Frenzy The cryptocurrency token was an immediate hit upon its launch in April 2023. It became one of the most traded tokens during that period and its price soared as a result. PEPE ecosystem in August experienced frustration This is because some former team members sold more than half of their vested tokens.
DOGE Price struggling at $0.09 | Source: DOGEUSD on Tradingview.com
PEPE’s success depends on Ethereum.
Max Schwartzman also has a Pepe coin and Ethereum. He noted that the former is “trading like leverage.” Ethereum ETF“Since the beginning of this year. PEPE is said to pump whenever ETH operates and dump whenever ETH operates. Therefore, the cryptocurrency founder believes that PEPE could become “Ethereum’s meme coin of choice this cycle.”
Cryptocurrency analyst Crypto Kaleo It was also revealed recently He said that when ETH starts moving, he sees PEPE hitting new all-time highs. He likened the relationship between two cryptocurrency tokens to that between two cryptocurrency tokens. Sol and Bonk.
BONK reached an all-time high the following season. The revival of SOL. Meme Coin has also risen to the level. becomes the third largest dog In the process, coins are issued based on market capitalization.
ETH after slow start Looks like a big rally is in storeThis means PEPE could also move upward at any time, according to Schwartzman and Kaleo’s analysis.
Featured image from CoinMarketCap, chart from Tradingview.com