The meme coin sector has taken center stage today (January 2), with many tokens experiencing solid gains over the past 24 hours. Pepe (PEPE) is an evident example, as its price soared by roughly 35% within that period.
Its rally caught the eye of some popular analysts who believe this could mark the start of an uptrend to unseen levels.
What’s Next?
PEPE is the top-performing cryptocurrency (from the top 100 club) and currently trades at around $0.000005647 (per CoinGecko’s data). This marks its highest point since mid-November last year.
The impressive performance of the frog-themed meme coin prompted some analysts to pay closer attention and outline bullish predictions. X user James Wynn, who is known for his highly speculative bets, is among them.
Several hours ago, he argued that crypto’s bull run is not over, saying there is a strong possibility that PEPE could be “at the forefront of memes leading the way as money flows into T1 memes and proper fundamental altcoins.”
Wynn made an interesting comparison between PEPE and SHIB, reminding that the latter experienced a major uptick towards the end of 2021, with its market capitalization briefly exceeding $40 billion.
“If SHIB can do $41bn last cycle, then I don’t see how PEPE cannot beat that record. FYI, it took SHIB less than 1 month to go from $3.5bn to $41bn (11.7x). All social media MASSIVELY favor PEPE, including exchanges using it as a branding in their posts to increase engagement and get more sign-ups. If Shib can do $41bn, PEPE can do much higher. Keep in mind, DOGE did $88bn. So my target for PEPE is $69bn,” he concluded.
X user curb.sol also presented an optimistic forecast, albeit more modest than Wynn’s scenario. The analyst assumed that the frog-themed token looks ready for its next leg up to a market cap of over $10 billion.
Correction on the Horizon?
It is important to note that meme coins are known for their volatile nature, and sharp pumps (such as the recent one of PEPE) 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 spots. It ranges from 0 to 100, and ratios above 70 signal that PEPE is overbought and due for a potential correction. As of this writing, the RSI stands at 83.
Meanwhile, X user Crypto Tony noted PEPE’s “good run” and said they will wait for a pullback before entering the ecosystem.
The post Pepe (PEPE) Soars by 35% Daily: Is This the Beginning of a Major Bull Run? appeared first on CryptoPotato.
