As a seasoned crypto investor with more than a decade of experience in the digital asset market, I have witnessed the rise and fall of numerous coins. Having closely monitored Pepe Coin’s journey since its inception, I must admit that its recent surge has been nothing short of impressive. With an increase of over 2,500% from its lowest point this year, it is evident that Pepe Coin has captured the attention of investors worldwide.
This year, Pepe Coin’s value has shown significant growth, boosted by the persistent crypto market uptrend and investor interest. It has soared by an astonishing 1,600%, whereas Bitcoin has climbed less than 150%. Given the increasing demand for Pepe Coin, could it keep ascending and potentially reach the $1 mark?
Pepe Coin Price Analysis: Unlikely To Soar to $1
On Friday, the value of Pepe Coin was at approximately $0.00002362, marking a nearly 2,500% increase from its lowest point this year. Additionally, it has experienced a surge of over 3,000% compared to its lowest point in 2023.
The coin now needs to jump by about 4.13 million percentage to get to $1. While such a move is likely in the crypto industry, signs are that it will not happen in the ongoing crypto bull run.
If Pepe were to increase its value to $1 per unit, its total market capitalization would exceed $434 billion, placing it among the top 21 largest companies globally.
As an analyst, I can clearly see that there’s potential for the price of Pepe to continue rising. Over the past eight months, from March to November, it has formed a cup and handle pattern on the daily chart. This pattern, which includes a horizontal line and a rounded bottom, is often interpreted as one of the most bullish signs in the market, suggesting that the coin could be poised for significant growth.
The price has briefly touched the top of its resistance level before pulling back again, indicating it may continue in the same direction. Additionally, it has developed a tiny reversed head and shoulders structure that is more apparent on the 4-hour chart. An inverted H&S pattern also suggests potential continuation.
The coin continues to hover above both its 50-day and 100-day moving averages, implying that it might keep rising if Bitcoin maintains its upward trend. By analyzing the depth of the cup, we can predict the potential future price of Pepe coin at approximately $0.00002770.
If the coin’s price falls below the crucial support level at $0.00001718 (which is also the top part of the ‘cup’ formation), then the optimistic outlook will no longer hold true.
Upcoming Pepe Burn As A Catalyst
Pepe, a meme coin, boasts many factors contributing to its success. Among these, the foremost catalyst is its reputation as one of the most widely recognized meme coins within the crypto market. It’s quite common for its daily trading volume to exceed that of Dogecoin and Shiba Inu.
An alternative catalyst could be the forthcoming destruction of tokens, which lessens their total quantity available. It’s been reported that Binance plans to initiate a token burn for Pepe worth $1 billion in January 2025, a decision that will decrease the number of coins circulating in the market.
Burning tokens, like what Shiba Inu and Floki Inu do, creates a deflationary nature for cryptocurrencies. This process eliminates a portion of the total supply (in this case, $1 billion worth, which is roughly 10% of the existing tokens), making the remaining tokens more valuable over time.
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2024-12-13 14:08