In recent weeks, one meme-coin has been causing a stir in the crypto world: Pepe (PEPE). After rising 1,500% in two weeks, PEPE, a frog-themed cryptocurrency, has become popular. The meme-based coin entered the top 50 most expensive cryptocurrencies after its market value topped $1 billion in a few weeks. Analysts expect a meme coin bull run if this trend continues.
According to a widely followed crypto strategist known as Kaleo, Pepe could see significant growth if it follows the pattern of a tech stock that exploded during the Covid pandemic.
Kaleo took to Twitter to share his analysis, stating that Pepe’s recent market activity is similar to Zoom’s (ZM) price action in early 2020 when the tech stock soared over 800% in less than 12 months. He pointed out that Zoom traded below a diagonal resistance before its meteoric ascent, and Pepe’s current market structure on the lower timeframes looks strikingly similar.
PEPE Current Market Status
Pepe has broken over the prior diagonal barrier and is now trading at an all-time high. Kaleo estimates it has room to grow before reaching $0.000007, at which point it is likely to reverse course. Pepe is currently selling at $0.00000296, so if it reaches Kaleo’s target price, it will have increased in price by more than 130%.
Pepe’s price has increased by almost 5,330% from its all-time low of $0.000000055142 on April 18 to its present position as the 42nd largest cryptocurrency by market cap. As a result of its recent price increase, Pepe has become a popular alternative cryptocurrency. Pepe may have a long way to go if Kaleo’s predictions come true.
It’s not surprising that Pepe is gaining traction among crypto investors and aficionados. Many experts, however, are warning investors to tread carefully, as the seeming upside of a rapid profit could be a trap leading to the total collapse of all memecoins.