Recent disruptions in crypto have prompted investors and traders to seek out new opportunities. One such opportunity may be the third-largest meme coin by market cap, Pepe (PEPE), according to a top crypto trader.
Pepe has surged over 2,486% since April 18th, making it a notable competitor to the popular meme coins Dogecoin (DOGE) and Shiba Inu (SHIB).
In a recent tweet, Kaleo, a well-known pseudonymous crypto analyst with his Twitter followers, suggested that Pepe may still have more upside potential.
According to Kaleo, every time Pepe has crossed above a descending trend line on the one-hour chart, the meme coin has gone on to hit new all-time highs since it went mainstream last month. This trend line breakout could suggest that Pepe still has room to grow, despite its recent surge.
Although Kaleo sees potential in Pepe, he also cautions investors against meme coins in general, stating that most meme coins tend to lose value over time and are therefore not suitable as long-term investments. He notes that the life cycle of a meme coin typically happens over a compressed time period, resulting in rapid price movements. Therefore, investors must exercise caution and not rely on meme coins for long-term investments.
Pepe is currently trading at $0.00000194, up from its all-time low of $0.000000075. Its current market cap stands at over $100 million. However, given the nature of meme coins, Pepe’s price could be subject to sudden fluctuations and price corrections.
Meme coins are a double-edged sword. They can soar to new heights at an unprecedented pace but also carry the risk of crashing down just as quickly. This has been evident in the case of Dogecoin and Shiba Inu, which couldn’t sustain the market hype.
As he said, ‘The majority of meme coins will trend to zero.’ While this sentiment applies to all altcoins, it particularly rings true for meme coins whose life cycle tends to happen over a compressed time period, where the pump happens faster and the dump happens even faster.“
What do you think- is it really time to say goodbye to Doge and Shib?
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