The meme-based cryptocurrency, PEPE (PEPE), is set to experience a 54% surge, according to a prediction by renowned crypto analyst, Ali Martinez.
What Happened: Martinez shared this forecast on social media platform X, urging followers to keep an eye on a daily close outside of the $0.00000793 – $0.00000664 range, which could trigger a significant move for PEPE.
PEPE, a deflationary memecoin launched on Ethereum ETH/USD, was created as a tribute to the early 2000s internet meme, Pepe the Frog. The project aims to capitalize on the popularity of other meme coins like Shiba Inu (SHIB) and Dogecoin (DOGE), and establish itself as a leading meme-based cryptocurrency.
PEPE’s no-tax policy and transparency about its lack of utility have resonated with the cryptocurrency community, keeping it pure and simple as a memecoin.
In 2023, PEPE’s market cap peaked at $1.6 billion, creating millionaires from early holders and building a strong community of followers. This success ignited a “memecoin season,” with other memecoins experiencing significant pumps and dumps.
The crypto community is now eagerly waiting to see if PEPE and other memecoins will reach new highs in the upcoming Bitcoin BTC/USD halving cycle, according to CoinMarketCap.
See Also: Crypto Traders Share 7 Tips ‘How To Find 100X Meme Coins Without Relying On Luck’
Why It Matters: PEPE’s potential surge comes in the wake of increasing meme coin activity in March. Dogwifhat managed to surpass PEPE to become the third-largest meme coin by market capitalization.
Furthermore, the crypto market is currently experiencing significant developments. Hong Kong is on the verge of becoming a major player in the crypto ETF market, which could potentially expedite Bitcoin’s ascent to the much-awaited $100,000 price tag.
However, not all forecasts are positive. Peter Schiff, a Bitcoin critique, has predicted that Bitcoin ETFs could lead to the crypto’s biggest crash ever.
Additionally, JPMorgan has estimated that the chances of spot Ethereum Exchange-Traded Funds (ETFs) receiving approval in May are just 50%.
Price Action: PEPE is currently priced at $0.000007266, marking a 3.26% increase over the past 24 hours. Remarkably, this meme coin has surged by 12,658.16% in the last year, according to the data from Benzinga Pro.
Image Via Shutterstock
Benzinga Neuro, Edited by Kaustubh Bagalkote
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