The price of Pepe Coin (PEPE) has jumped by more than 65% in the past 24 hours, with its surge to $0.00000213 marking a 700% gain in the past week.
This makes PEPE the best-performing top-100 cryptocurrency (by market cap) by quite some margin, with most coins down in the past 24 hours and week.
And given its sheer, value-defying momentum at the moment, PEPE has every chance of overtaking Dogecoin and Shiba Inu as the market’s biggest meme token.
Of course, the coin provides no real fundamental value beyond being a ‘meme’, so investors should always remain prepared for the possibility of it dumping anytime soon.
Pepe Price Prediction as PEPE Blasts Up 700% in 7 Days – Can PEPE Overtake Dogecoin and Shiba Inu?
What’s encouraging about PEPE is that it has regathered strong momentum after a lull in the middle of the week, with its relative strength index (purple) recovering from a level of 30 on May 3.
Given that it’s still such a new coin, it may be some time before its current rally runs out of steam, a view supported by the fact that its short-term moving average (yellow) is rising above its long-term average (blue), signaling further gains.
It’s also very bullish to note that its support level continues to climb, suggesting that any dips will be shortlived as PEPE continues its upwards climb over the near and medium term.
Part of the reason why PEPE has continued to rally is that major exchanges have begun listing it, with OKX being the biggest and latest to do so.
This has provided the meme token with a real shot in the arm, especially given that OKX appears to have stocked up on 4% of the overall PEPE supply.
And because many major exchanges have not yet listed Pepe Coin (including Binance), the new token could be in for further gains in the coming weeks, despite its lack of fundamental value.
Currently, it’s ranked 58th in the top 100 cryptocurrencies by market cap, according to CoinGecko.
With Shiba Inu at 16th and Dogecoin at 9th, it still has some way to go before it overtakes either or both of these well-established meme tokens, yet such a flippening certainly isn’t out the question.
Launched a couple of weekends ago, PEPE is an ERC-20 token with a total maximum supply of 420 trillion (a reference to 4/20 cannabis culture).
It currently has just over 94,000 holders, up from 43,000 on April 25 and 7,500 on April 17.
Despite its attention-grabbing growth, it needs to be remembered that PEPE has no connection to Matt Furie, the original creator of the Pepe the Frog meme, while the identity of its creators is completely unknown.
Such anonymity has raised fears that it may be a classic pump-and-dump scheme, a fear heightened by the fact that the registrants of its official domain have chosen to remain anonymous, using a privacy service associated with a number of scams.
A couple of weeks ago, analysis from Lookonchain also discovered that five addresses related to Pepe’s ‘pepecexwallet.eth’ wallet bought 7.76 trillion PEPE early and dumped it on the market for a profit of around $1.23 million.
The thing is, even though it’s highly likely that Pepe Coin’s founders have made a fortune off the back of retail traders, it seems that the coin may have become its own thing, especially with the rising number of exchange listings.
This means that, in complete disregard of economics and common sense, PEPE is now already an established token with its own loyal community of holders and promoters, something which may be enough to sustain it for the longer term.
As such, it’s credible to expect PEPE to rise beyond its current price and continue setting new all-time highs, rising beyond $0.000002 and losing several decimal places in the next few weeks.
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Another High-Potential Meme Token
As successful as it has been, PEPE isn’t the only promising new meme token in the market, with a number of others also set for big gains in the very near future.
One of the most promising and meme-y of these is SpongeBob (SPONGE), a new ERC-20 cryptocurrency that’s unofficially based on the world-famous cartoon character SpongeBob Squarepants.
It launched more or less 24 hours ago, with an early direct listing on Uniswap V3, which has helped the coin gain by over 1,000%.
As with PEPE, next to nothing is known about SPONGE’s team and founders, yet the market has already flocked to the token, something which will ultimately give it a life and fan community of its own.
It could therefore witness even bigger gains once the interest in PEPE dies down, with the token’s Etherscan page indicating that it has already gained more than 1,400 holders in the short time it’s been live.
It has a total maximum supply of 40.4 billion SPONGE, which is less than PEPE’s, so when it receives a few big exchange listings its price could rise very impressively.
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