Dogwifhat, Pepe Will Do What Shiba Inu Did In 2021 And Run To Multi-Billions, Predicts Trader

Dogwifhat WIF/USD and Pepe PEPE/USD may repeat Shiba Inu's SHIB/USD run-up in 2021 if the same patterns play out, according to a prominent crypto trader.

What Happened: Pseudonymous trader Mate Finance drew potential parallels between the meme coins:

• Run-up to billions.
• A retrace of the bulk of the move (-80%).
• Consolidation in a huge range (+/- 50%) for months.

In 2021, this happened after Dogecoin DOGE/USD was at its cycle top.

The trader suggested that Dogwifhat and Pepe accomplishing a smiliar feat could trigger a rising tide that lifts all boats. He pointed out that the last cycle saw tokens like Floki Inu FLOKI/USD, Kishu Inu KISHU/USD, and Dogelon Mars ELON/USD pump to multi-hundred million market caps. He anticipates similar trends for tokens like Billy BILLY/USD, Gigachad GIGA/USD, Mog Coin MOG/USD, and Popcat POPCAT/USD.

Also Read: Top Crypto Analyst Shares Update On ‘All-In Altcoin’ Strategy: ‘I’ve Been Doing This Rodeo For Multiple Cycles Already’

Why It Matters: The crypto influencer’s analysis is based on the observation that WIF and PEPE have managed to maintain multi-billion market caps and mindshare for extended periods. He believes that these tokens, unlike others, are not limited to a specific meta that has its moment and then fizzles out.

Mate Finance also highlighted Bonk BONK/USD as an interesting token, embedded in the Solana ecosystem and backed by several VCs. He believes BONK flipping WIF will be temporary and bullish, garnering more headlines.

He further noted that BONK has already been listed on Coinbase, while WIF and PEPE haven’t. This, he argues, was a key factor behind the massive bullish momentum and blow-off that SHIB experienced late in the 2021 cycle.

Despite the lower savings rates globally and liquidity spread across hundreds of Tier 2 and Tier 3 meme coins, Mate Finance remains optimistic about WIF and PEPE reaching more than $10 billion market caps.

What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next:

• Dogecoin, Shiba Inu’s 15% Drop In Seven Days Pushes Meme Coin Valuations Down 10%: ‘Double Down On Positions’\

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image created using artificial intelligence with Midjourney.