Max Schwartzman, CEO of BecauseBitcoin, a Bitcoin-oriented news site, predicts Pepe PEPE/USD to outperform its bigger memecoin rivals based a on technical analysis of their trading pairs.
What Happened: Schwartzman took to X, formerly Twitter, to share his analysis, saying he is "thrilled" for the Dogecoin DOGE/USD, Shiba Inu SHIB/USD, Bonk BONK/USD and Floki Inu FLOKI/USD communities.
"Enjoy the pump," Schwartzman said, while predicting further upside. Still, he cautioned that all four memecoins are like registering "dead cat bounces" when charted against Pepe.
According to Schwartzman, they have lost support and are coming back to retest the "complacency shoulders." While he thinks "everything will pump," he said sees Pepe outperforming its rivals:
Why It Matters: Pepe has been one of the leaders in the recent memecoin rally, registering a 260% weekly gain, per CoinMarketCap data. That outperformed the already impressive 68% and 125% weekly rallies of Dogecoin and Shiba Inu, respectively.
Bonk, which Pepe surpassed during this rally to become a top 3 memecoin, saw a 120% rally, while the smaller Floki Inu gained 240%.
Pepe has already broken its previous May 2023 all-time high in dollar terms, but traders believe it isn't done yet.
Heavily-followed pseudonymous trader Kaleo thinks Pepe will also reach an all-time high priced in ETH:
Expect $PEPE to at least reach its ATHs in terms of ETH on this move.
— K A L E O (@CryptoKaleo) March 1, 2024
This move isn't nearly done yet. pic.twitter.com/EcBDQFxEGM
Altcoin Sherpa, another pseudonymous trader, sees Pepe as one of the leaders of the rally, saying, "leaders will keep leading."
While the market capitalizations of Dogecoin (10X) and Shiba Inu (6X) significantly exceed that of Pepe, it is worth noting that the latter has not been yet listed for spot trading on Coinbase, which may indicate further growth potential.
What's Next: With Bitcoin surging on ETF inflows and sovereign debt concerns, an end of the memecoin rally will likely depend on how much higher this Bitcoin rally can go.
Photo: Shutterstock
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