Memecoins
Can Pepe (PEPE) Become the Largest Coin in 2024? (ChatGPT Replies)
TL;DR
- PEPE reached a new all-time high on May 15 with a market capitalization close to $5 billion, making it the third largest coin.
- It could become the leading asset in its field if it maintains its price momentum, gains community support, and receives influential backers (according to ChatGPT).
What are the chances of PEPE?
The frog-themed meme coin – Pepe (PEPE) – has gained even more popularity in recent days thanks to its rapid price rise. Like CryptoPotato reported, it reached a new all-time high on May 15, when its market capitalization approached the $5 billion mark. This surge positioned PEPE as the third largest in the coin space, behind Dogecoin (DOGE) and Shiba Inu (SHIB).
We decided to ask ChatGPT if its rally can continue throughout 2024 and if it can become the leader of its cohort.
The AI-powered chatbot highlighted several critical factors that can trigger such a reversal, with market dynamics being the main one:
“If PEPE continues its current trend of significant price increases and surpasses other meme coins in terms of market capitalization and trading volume, it could become the leading meme coin.”
Other necessary elements include community support and endorsement from influential figures. It should be noted that a study carried out late last year positioned Shiba Inu (SHIB) as the meme with the strongest supporter base, while PEPE was third.
Speaking of support from prominent figures, it is worth mentioning that Dogecoin (DOGE) is the preferred cryptocurrency of Tesla CEO Elon Musk. This could be one of the reasons why the asset is the most dominant meme coin.
But not so long ago one of the richest people job a controversial image on X depicting a frog dressed as a soldier. Some industry participants described the activity as a pro-CEPE approach.
The success of PEPE in just one year
The meme coin saw the light of day in April 2023, becoming a sensation almost immediately. Interest in the product grew rapidly over the following months, coinciding with rising prices and support from major cryptocurrency exchanges.
Some giants allowing trading services with PEPE include BinanceBybit, OKX, Coinbase, Bitget and many others.
The impressive rise of the token in a short time activated savvy traders to make substantial profits. However, investors should also keep in mind the volatile nature of PEPE and the entire coin industry before entering the ecosystem, as they could face devastating losses. If you want to protect yourself from some common mistakes related to this topic, please check out our dedicated video below: