Dogecoin (DOGE) shows price patterns reminiscent of its state before the 2021 price surge, sparking speculation about another potential increase. The meme-based cryptocurrency, which started as a playful experiment, is now trading at values similar to those just before its remarkable rise in early 2021.
In other news, PEPE rises as the frontrunner of the bull run with a valuation spike of over 20%. We sit down with a trading firm analyst to unravel whether DOGE will follow suit and if PEPE is now a newly found king of the meme coin world.
Crypto Analyst’s Forecast
Kaleo, a notable figure in crypto analysis, has projected an upswing for Dogecoin, with prices potentially escalating to the 9 to 10 cents mark, followed by a further jump to around 15 cents. Kaleo bases this forecast on the cryptocurrency’s historical performance and suggests a rapid appreciation to a peak of 20 cents, closely correlated with Bitcoin’s trajectory.
The anticipation of Dogecoin’s rally is set against the backdrop of its 2021 upswing, fueled by celebrity backing. Currently, Dogecoin is significantly below its peak price, sitting 89.51% lower than its highest value to date. This translates to DOGE price floating over $0.069504 on major crypto exchanges including Gate.io. The market has observed Dogecoin’s 24-hour activity to be moderately volatile, with its market capitalization remaining strong.
Potential Breakout Indicated
Another crypto strategist and analyst has hinted at an impending breakout for Dogecoin. The analyst, with a substantial following, observed DOGE surpassing a key resistance level and envisions a strong upside potential, citing influences such as Elon Musk’s involvement in the industry.
Comparison with Dogecoin Rival PEPE
Turning to DOGE’s rival, Pepe (PEPE), analysts expect an upward movement, although not without potential initial dips. Adding to this, PEPE price forecasting predicts that the coin won’t relinquish its gains easily, avoiding a bearish pattern known as a Burj Khalifa, which signifies a sharp drop after a steep rise.
PEPE coin has outperformed all major cryptocurrencies with a significant 20% rally in a single day. It has set a three-month high record as the broader crypto market, including Bitcoin and Ethereum, experienced substantial gains.
The meme coin’s rally has revived bullish sentiments, which had been dormant. Indicators such as the Awesome Oscillator confirm this by showing increased green bars, signaling a return of bullish momentum. This could propel PEPE towards further gains, though it also faces potential fallbacks if market bullishness declines.
Distinctive Features of Dogecoin and Pepe
Dogecoin, the forerunner in the meme coin space, boasts a large, dedicated community and has been embraced as a form of tipping currency on social media due to its low transaction fees and quick confirmation times. It operates on a proof-of-work mechanism similar to Litecoin, with some key differences, such as its unlimited supply, which encourages spending rather than hoarding. Dogecoin’s cultural impact is significant, with it being one of the first to turn a meme into a cryptocurrency, paving the way for others to follow.
Pepe: The Newcomer with Niche Appeal
Pepe, on the other hand, is a much smaller and newer entrant in the realm of meme cryptocurrencies. It attempts to differentiate itself with unique branding and a community that often revolves around digital art and collectibles, particularly in the form of “Pepe” memes. Unlike Dogecoin, Pepe operates on a deflationary model, with a capped total supply intended to create scarcity over time, which could potentially drive up its value if demand increases. Its market impact is yet to reach the heights of Dogecoin, but it represents the evolving nature of meme coins and their communities.
Market Position and Technological Differences
In terms of market adoption, Dogecoin has a clear lead. It has been around since 2013 and has managed to capture the attention of major figures in the tech world, notably Elon Musk, who has mentioned Dogecoin in various social media posts, causing price spikes. This level of endorsement has provided Dogecoin with significant media coverage, which in turn has translated into widespread recognition beyond the crypto community. Pepe, while gaining traction, still remains in the shadow of Dogecoin’s vast influence.
Technical Underpinnings and Use Cases
Technologically, Dogecoin and Pepe coins are built on different foundations. Dogecoin’s codebase borrows from Bitcoin, offering proven security and reliability, but it has not seen significant technical developments in recent years. Pepe, while lesser-known, may incorporate newer blockchain innovations, aligning with the trend towards energy efficiency with a proof-of-stake consensus mechanism or embracing the burgeoning NFT space by associating with digital collectibles. Both coins serve as a means of value exchange within their communities, but Dogecoin’s more established status gives it an edge in being accepted by a broader range of merchants and services.