Forget Doge, Shiba Inu: This Is Elon Musk's New Favorite Meme Coin That Could Soon Explode, Analyst Predicts

Elon Musk may start preferring frog-themed meme coin Pepe PEPE/USD over Dogecoin DOGE/USD.

That's according to crypto analyst Andrew Kang who noticed how the billionaire X owner is "more hesitant to post Doge now but he has no issue consistently posting Pepe."

Kang also predicts that Pepe will outperform both Doge and Shiba Inu SHIB/USD  in the coming years.

"As long as the market reacts," Kang wrote, "[Musk] doesn't even need to directly mention the token."
This suggests Kang believes Musk's association with Pepe, even without an explicit endorsement, could drive up its value.

Also Read: Trump Admits To Bitcoin Transactions, Acknowledges Utility: 'Not Sure That I'd Want To Take It Away'

Past challenges, including insider trading accusations and token forks, have weeded out weaker Pepe investors, Kang says. That leaves a core group of dedicated holders, or diamond hands, who are unlikely to sell.

These predictions come amid a meteoric rise for Pepe, which is up 842% over the past month.

Launched in spring 2023, the meme coin quickly gained traction, attracting major cryptocurrency exchanges like Binance and Coinbase.

Its market capitalization recently surpassed $4 billion, solidifying its position as a major player in the meme coin space.

Musk, meanwhile, did endorse Dogecoin recently at a Tesla factory meeting in Berlin, proclaiming "Dogecoin to the moon."

Price Action: At the time of writing, Pepe was trading at $$0.00001001, up 14% over the past 24 hours, as reported by Benzinga Pro.

Read Next: Did Tesla Buy More Bitcoin? Mysterious Wallet Increase Sparks Speculation

Image: Shutterstock