- PEPE has successfully secured a spot in the top three memecoins, but there is more room for growth.
- Per market analysis, there was potential for another bullish short-term move.
Believe it or not, Pepe [PEPE] can be classified as a safe bet in the memecoin segment. The crypto market has been in a consolidation phase for a while.
Current expectations are that the market is gearing up for another phase of euphoric growth. But can PEPE capitalize on the upcoming opportunities?
A look back
PEPE has been around for just over a year and three months. In other words, it was not around during the previous bull run.
Nevertheless, it managed to grow by over 2,600% from its lowest price level to its current historic high of $0.00001725.
PEPE’s $4.99 billion market cap (at press time) allowed it to be the 22nd-largest crypto. In other words, it has successfully broken into the mainstream during its brief existence as a memecoin.
But can this guarantee future growth?
Let’s first compare PEPE with other top memes. Shiba Inu [SHIB] was the second largest memecoin at press time, with a $9.899 billion market cap. Dogecoin [DOGE] held the first spot with an impressive $18.86 billion market cap.
This could work in PEPE’s favor, if trader psychology dictates that it is the most undervalued of the three top memecoins.
PEPE’s future in an overflowing segment
There are over 2,000 memecoins currently in existence, and around 1,000 can be deemed liquid. Finding the most promising memecoin at this point is equivalent to finding a needle in a haystack.
So, most traders looking for some gains like perhaps a 10X shift their attention towards mainstream memecoins such as PEPE, Dogecoin, and Shiba Inu.
PEPE may thus end up securing a significant chunk of new liquidity flowing into memecoins in the next leg of the bull run. This is also supported by the fact that it still has a huge memecoin factor.
Ultimately, PEPE’s ability to push to higher levels depends on whether it can still secure robust demand, especially from whales. Recent data suggested that the memecoin was experiencing healthy demand.
PEPE receiving a lot of attention from whales signaled that it could be about to experience another rally. The cryptocurrency has been trading sideways in the second half of July. It traded at $0.00001183 at the time of writing.
Source: Tradingview
Realistic or not, here’s PEPE’s market cap in BTC’s terms
In addition to the whale activity, PEPE just flashed another potentially bullish sign. Its 20-day moving average was about to cross above its 50-day MA at the time of observation.
A bullish outcome has occurred in the weeks that followed every time the 20-day MA crossed above the 50-day MA.
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