Pepe Up 50% On The Week: ‘Cult Community’ May ‘Flip SHIB And Possibly Even DOGE,’ Predicts Influential Trader

pepe (CRYPTO: PEPE) has posted significant gains over the past seven days, and analysts are predicting further bullish price action.

what happened: Meme Coin Analyst and Trader Murad Pepe, a “cult community with over 10 million unique memes”, highlights how it could turn around Shiba Inu (Crypto: SHIB) and dogecoin (Code:Doge):

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I think there is a possibility $PEPE flip $SHIB and perhaps $Doge.$PEPE is a cult community with over 10 million unique memes that are always relevant to modern culture. $Doge It’s literally just one photo, $SHIB Zero memes to speak of.

— Murad (@MustStopMurad) April 23, 2024

He calls meme coins “forever relevant in modern culture, whereas DOGE is just a photo and SHIB has no meme to speak of.”

The tweet received mixed reactions from the crypto community, with some suggesting other meme coins, including: Flowki (CRYPTO: FLOKI) You can flip the meme coin leader instead of Pepe.

a virtual currency trader said “Doge is an OG classic and the first ever meme coin,” and PEPE can toss all other meme coins except Dogecoin.

Price action: As of this writing, PEPE is trading at $0.000007491, down 3.3% in the past 24 hours but up 50% in the past 7 days.

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Also read: Dogecoin ‘billionaire’ reacts to strategy including large allocation to Pepe, Dogewifat: ‘Basically my whole plan’

Why it’s important: hedge fund manager thomas crowin his latest tweet, highlighted how the whale accumulated 211.6 billion PEPE tokens (worth $1.72 million) in the past day.

According to IntoTheBlock data, more than 100,000 trades have been added, and 78% of Pepe holders are currently profitable, with large holders accounting for 73%. The price correlation between memecoins and Bitcoin is 0.83, and among all memecoins, Pepe reported the largest increase in holder balances at 1.34%, reaching $225.8 million.

what’s next: The impact of memecoins and Bitcoin as an institutional asset class is a topic expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on November 19th .

Read next: Pepe Coin soars 17%, trader notes technical setup is ‘very bullish’

Image: Shutterstock

© 2024 Benzinga does not provide investment advice. All rights reserved.

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