The cryptocurrency market is displaying strong indications of a resilient comeback, characterized by an upward trend that contradicts several adverse fundamentals. A notable signal of this revival is evident in Bitcoin, which achieved its peak value since May 2022. This optimistic momentum extends to various alternative cryptocurrencies, including PEPE Coin, a meme-inspired digital asset. In our analysis of the PEPE coin’s price outlook, we delve into the possibility of the PEPE coin giving 10x in the year 2024.
How did PEPE Coin Start?
Introduced in April 2023 as a meme-inspired cryptocurrency, PEPE Coin swiftly garnered notice owing to its affiliation with widely recognized internet memes and its integration into the Ethereum blockchain. The initiation of the coin was strategically aligned with the escalating trend of meme coins, a phenomenon experiencing increasing traction within the cryptocurrency community.
Following its launch, PEPE prices experienced a significant surge, leading to a subsequent standard price correction. At CryptoTicker, we accurately foresaw this anticipated price decline and even encountered backlash from some fervent PEPE enthusiasts. Nevertheless, the projected price adjustment unfolded precisely as we had predicted.
PEPE Coin Price Prediction: How has the PEPE price moved in recent days?
At present, the value of Pepe Coin is $0.000001281, accompanied by a 24-hour trading volume of $50.32 million. The coin holds a market cap of $538.86 million and exhibits a market dominance of 0.03%. Over the past 24 hours, the PEPE price has undergone a decrease of -3.55%.
On May 5, 2023, Pepe achieved its pinnacle, reaching an all-time high of $0.000004408. Conversely, the lowest recorded price for Pepe Coin stands at $0.00, with the date of occurrence marked as n/a. Following the all-time high, the lowest subsequent price reached was $0.0000006088 (cycle low), and the highest since the last cycle low amounted to $0.000001746 (cycle high). As of now, the sentiment surrounding Pepe Coin’s price prediction is bearish, while the Fear & Greed Index registers a value of 65 (Greed).
The circulating supply of Pepe currently stands at 420.69 trillion PEPE out of a maximum supply of 420.69 trillion PEPE. Within the Meme Coins sector, Pepe holds the #4 rank based on its market capitalization.
PEPE Coin Price Prediction: Can PEPE Coin Price 10x in 2024?
Pepe Coin currently exhibits a strong bullish trend, trading above its 200-day simple moving average (SMA). This suggests a sustained positive momentum in the market, indicative of a potential upward trajectory. Notably, out of the last 30 days, Pepe has experienced 15 green days, accounting for 50% of the observed period. This consistent pattern of positive price movements reflects a notable level of market resilience and investor confidence.
Furthermore, Pepe boasts high liquidity, as evidenced by its substantial market capitalization. This liquidity is essential for efficient trading and can contribute to price stability. Investors may find Pepe appealing due to its robust market cap, potentially attracting further participation and interest.
However, it’s crucial to acknowledge that Pepe currently faces a challenge, having declined by -71% from its all-time high. This considerable pullback raises questions about the factors contributing to the downturn and warrants a closer examination of the coin’s fundamentals and market dynamics.
The likelihood of PEPE Coin experiencing a tenfold increase in price throughout 2024 appears highly implausible, primarily attributed to its vast circulating supply of approximately 420 trillion tokens. An examination of the scale of this circulating supply reveals the monumental challenge, especially if PEPE Coin were to reach the $1 mark. In such a scenario, the coin’s market capitalization would skyrocket to an astronomical $420 trillion.
To put this into perspective, this figure significantly surpasses the combined economies of the entire world, which was estimated to be around $94 trillion. The prospect of PEPE attaining such a staggering market capitalization not only stands as unprecedented but also ventures far beyond the boundaries of current economic feasibility.
This disparity between the coin’s circulating supply and the potential market capitalization underscores the substantial hurdles and impracticalities associated with the anticipated 10x surge in PEPE price in 2024.
PEPE Coin Price Prediction: How High Can PEPE Go?
Given PEPE Coin’s notable drop of over 71%, particularly when considering its current growth, there exists a conceivable potential for further appreciation. Drawing a parallel with the trajectory observed in Shiba Inu, there is a plausible scenario in which PEPE could attain a market capitalization of $5 billion. If such a trajectory were to unfold, it implies that PEPE may achieve a price of $0.000012, representing an almost 10x increase from its current valuation.
While this prediction is contingent on PEPE following a similar path to Shiba Inu and market dynamics remaining favorable, it provides an optimistic outlook for potential investors.
Where to Buy PEPE Coin?
If you want to buy PEPE Coin, Bitget is a recommended exchange. Known for its user-friendly interface and low transaction fees, Bitget provides an accessible platform for both new and experienced traders to buy and trade PEPE Coin.
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Source: https://cryptoticker.io/en/pepe-coin-price-10x-2024/