Memecoins
Should you bet on PEPE? What does H2 have in store for the memecoin?
- PEPE has managed to secure a spot in the top three memecoins, but there is still room for growth.
- According to market analysis, there was potential for another bullish move in the short term.
Believe it or not, Grandpa [PEPE] can be classified as a safe bet in the memecoin segment. The cryptocurrency market has been in a consolidation phase for some time.
Current expectations suggest that the market is preparing for a new phase of euphoric growth. But will PEPE be able to take advantage of the opportunities ahead?
A look back
The PEPE has been around for just over a year and three months. In other words, it did not exist during the previous bull run.
Nevertheless, it managed to grow by more than 2,600% from its lowest price level to its current all-time high of $0.00001725.
PEPE’s $4.99 billion market cap (at the time of publication) has made it the 22nd largest cryptocurrency. In other words, it has managed to break into the mainstream during its brief existence as a memecoin.
But can this guarantee future growth?
Let’s start by comparing PEPE with other popular memes. Shiba Inu [SHIB] was the second largest memecoin at press time, with a market cap of $9.899 billion. Dogecoin [DOGE] took first place with an impressive market capitalization of $18.86 billion.
This could work in PEPE’s favor, if trader psychology dictates that it is the most undervalued of the three major memecoins.
The future of PEPE in an overflowing segment
There is over 2,000 memecoins There are currently about 1,000 cryptocurrencies, of which about 1,000 can be considered liquid. Finding the most promising memecoin at this point is like looking for a needle in a haystack.
So, most traders looking for gains, like maybe a 10X, are shifting their attention to traditional memecoins like PEPE, Dogecoin, and Shiba Inu.
PEPE could thus end up securing a significant portion of new liquidity into memecoins during the next leg of the bull run. This is also supported by the fact that it still has a huge memecoin factor.
Ultimately, PEPE’s ability to reach higher levels depends on its ability to secure solid demand, particularly from whales. Recent data suggested that the memecoin was experiencing strong demand.
The fact that PEPE has received a lot of attention from whales has indicated that it could be on the verge of another rally. The cryptocurrency has been moving sideways in the second half of July. It was trading at $0.00001183 at the time of writing.
Source: Tradingview
Realistic or not, here it is PEPE Market Capitalization in BTC
In addition to whale activity, PEPE just showed another potentially bullish sign. Its 20-day moving average was about to cross above its 50-day moving average at the time of observation.
A bullish outcome occurred in the following weeks whenever the 20-day moving average crossed above the 50-day moving average.