Twitter’s @cryptunez made an ambitious prediction about Pepe Coin, which has only been in the market for 24 days. He suggested that the new meme coin would surpass giants like SHIB and DOGE.
“I expect PEPE to surpass SHIB in 1 year”
Pepe (PEPE) has led the gains of the entire crypto market since the beginning of April. However, the sharp decline that started on May 5 caused a significant part of these gains to be lost.
With 154,500 Twitter followers, Cryptunez says market players underestimate this performance. He also mentions that the current market is very different from before and Pepe Coin has closed a big gap.
the impact of $PEPE on crypto can not be understated.
it feels like a completely different environment now where meme coins being shilled (and even launched) by influencers is completely normalized.
compare this to $SHIB (an over-valued, unoriginal doge clone who touts fake… pic.twitter.com/lRmwB2O5VQ
— tunez 5.0 🎮 (@cryptunez) May 9, 2023
Why Pepe?
Cryptunez said that the Shiba Inu is the cheapest token that appeals to individual investors only because of its high supply, and is a fake Dogecoin clone that does not benefit. He also noted that with a market cap of $5 billion, SHIB is now a giant player, but those looking for low-supply tokens should opt for Pepe.
According to Cryptunez, SHIB is now a simple “dinosaur meme coin” that has lost its appeal and value. In the last part of the tweet above, he makes an ambitious prediction that “I expect PEPE to surpass SHIB in 1 year”.
Meanwhile, cryptocoin.comAs we quote, popular crypto analyst Benjamin Cowen strongly recommends staying away from Pepe Coin.
Whales continue to buy Pepe Coin despite the decline
Crypto whales have amassed 2 trillion PEPE despite recent price drops. According to data from Lookonchain, three big whales were behind the transactions.
The first address raised $2.76 million PEPE from Binance at an average price of $0.000002054. Second, it bought 212 billion PEPE worth $429,000 at a price of $0.000001942. Third place has accumulated 424 billion PEPE for 450 ETH at a price of $0.000001957.
The whales are probably anticipating an improvement in price. However, the market cap of PEPE fell sharply from $1 billion to $840.88 million.
SHIB awaits: Can PEPE price drop further?
The price is currently in a downtrend, as seen in the four-hour chart of PEPE/USDT below. It consistently sets lower highs (LH) and lower lows (LL).
Technically, the price is engaged with the resistance at $0.000000203 intersecting the 10-day EMA. Further up, there are resistances at 0.00000276, 0.00000296 and 0.00000354. However, according to the chart, the May 5 peak at $0.00000448 will be a strong resistance that the bulls need to overcome.
In a bearish case, PEPE could drop first to $0.00000194, a level that has acted as support since May 5th, and then to $0.00000127, a key resistance that turned into support between May 2nd and May 4. A firm close above the 61.8% Fibonacci level at $0.00000202 will invalidate the bearish argument. This will be the first sign of a trend reversal.
