Pseudonymous cryptocurrency trader Altcoin Sherpa views Pepe PEPE/USD as a “decent pick” to consider for the years 2024-2025 but notes retail investors might also be intrigued by "new and shiny" tokens.
What Happened: In a March 31 post on X, Altcoin Sherpa analyzed several large-cap meme coins, discussing their potential for traders. Despite Pepe not being a dog coin, Altcoin Sherpa saw it as a top Ethereum meme with potential for further growth. Altcoin Sherpa pointed out further pros of Pepe:
Pros:
- Pepe remains a top Ethereum meme coin with substantial liquidity and trading volume.
- There is still "some room to run" in terms of price potential.
- The token’s price discovery could lead to "stupid things potentially" in terms of its performance.
Cons:
- Other meme coins might continue to attract more attention from investors.
- Limited potential for significant upside gains.
Altcoin Sherpa concluded Pepe presents a favorable opportunity for investors looking at the years ahead, specifically 2024-2025. He also raised the question of whether the recent “degen activity” on Solana and Base would impact the flow of funds into Ethereum, noting retail investors might be drawn to newer token offerings.
Read Also: Pepe’s 19% Surge Leaves ‘Dogecoin Killer’ Shiba Inu Behind: ‘Still Very Strong,’ Says Trader
Why It Matters: With a 30% increase in the past month alone, Pepe saw its valuation grow more than fivefold from $538 million at the beginning of 2024 to nearly $3 billion right now.
Altcoin Sherpa suggests there was no need for an extensive discussion on memes, culture or other VC theses. He proposed that investors could simply capitalize on opportunities like "buying a dog with a hat and making 10x," reflecting the speculative nature of the market.
In conclusion, Altcoin Sherpa remarked, "You can simply buy a dog with a hat and make 10x — that’s what we’re all here for, right?"
Pepe recently fell behind Dogwifhat in terms of market capitalization but remained the second-biggest meme coin on Ethereum. Even so, its $2.9 billion market cap significantly trailed the $15.3 billion of Shiba Inu. The token was down 9% in Tuesday trading.
A recent tweet from cryptocurrency exchange Bitget highlighted Pepe’s higher valuation compared to JPMorgan, emphasizing the transformative impact it has had on many people’s lives.
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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