Pepe Price Pumps, Can It Recover To Flip Bonk?

The frog-based meme coin Pepe is having a strong start to 2024, thanks to Bitcoin’s explosive move up to the $45,800 price point. 

After a 10% rise in its value, the Pepe coin was trading as high as $0.00000144 before a marginal pullback. The Pepe price is currently hovering near the $0.0000014 mark, with a market capitalization of $588 million. 

However, despite a steep 30% decline in the Solana-based meme token Bonk, Pepe remains only the fourth-largest meme coin by market cap, unable to overtake $BONK’s $875 million valuation. 

Bonk itself has appreciated by 7.5% on Tuesday and is currently trading at $0.0000144. 

There is a fierce competition between two meme coins - Pepe and Bonk - vying for the third spot behind Dogecoin and Shiba Inu. This rivalry could ultimately determine which meme coin becomes investors' favorite in the upcoming crypto bull run. While Bonk is in the lead at present - buoyed by Solana’s continued ascent - Pepe backers remain confident that the frog-based meme coin will soon edge back out. 

Analysts Reveal How High Can Pepe Price Go?

Crypto analysts remain bullish on Pepe, considering that it is one of the few meme coins that is available on Binance.

Trader Jeremy “Pauly” Cahen, who is also the founder of Not Larva Labs, sees “striking similaritities” between Pepe coin in 2024 and Dogecoin in 2020. He highlights that even their respective market capitalizations were also the same - both hovering around $600 million. 

Ultimately, analysts such as Cahen, Crypto Kaleo and CryptoGodJohn are in consensus that Pepe’s best days are still ahead, especially when Ethereum starts its parabolic rally. Just as Bonk received a strong boost from Solana’s rally, ETH’s rise will catapult the Pepe price to new highs. 

Cahen highlights that $PEPE has been trading like a leveraged Ethereum asset - whenever $ETH pumps, $PEPE pumps even more. Crypto Kaleo agrees with this sentiment, revealing that the PEPE/ETH trading pair appears poised to explode in the lower time frame. 

Kaleo also makes a bold prediction about the Pepe price, anticipating the frog-based to hit a new all-time high and reach a market capitalization of $5 - $10 billion. 

Pepe’s technical analysis, especially in the higher time frames, also give a “Buy” signal to the meme coin. However, the token would need to flip a number of moving average indicators in the 1-hour time frame to resume its bullish trajectory. 

Pepe’s Biggest Competitor? New Meme Coins

Dogecoin and Shiba Inu were the two of the top performing cryptocurrencies in the last bull market. This has led many investors to expect that already-established tokens such as Pepe and even Bonk will be able to dominate in the upcoming bull run and will reach new all-time highs. 

However, this is far from given. Dogecoin and Shiba Inu did not face nearly as much competition in 2021 as Pepe and Bonk are this time around. New meme tokens are entering the arena everyday, drawing investments away from the established assets. 

For instance, the Pepe price and Bonk have been outperformed by a new token over the past week - Seiyan - which has exploded by 166% in the past 7 days. Similarly, analysts believe that Meme Kombat ($MK) - which is still in its presale - will be the next big money-making opportunity and could display a 1000% bull rally in 2024. 

Meme Kombat - A New Play-To-Earn Meme Coin With 10x Potential

Meme Kombat is one of the most exciting meme coins that are yet to be launched, thanks to its artificial intelligence, play-to-earn and staking feature. 

Unlike meme coins that rely solely on hype, $MK offers access to its own Web3 gaming platform. The game will have 11 fictional characters - each representing popular meme coins such as Doge, Shiba, Pepe and Floki. The characters will engage in AI-simulated battles, the outcome of which will be unpredictable and decided on-chain through random sequencing. 

Players of the game will be allowed to bet on their favorite champion in various gaming modes such as player vs player, player vs game and direct betting. This “war of meme coins” allows Meme Kombat to benefit from the popularity of the aforementioned meme coins, which could offer a massive boost to its price. 

Furthermore, $MK holders can also choose to stake their tokens and earn passive income, currently at an APY of 164%. 

However, Meme Kombat’s most exciting characteristic is its prioritization of security and transparency. For instance, the identity of all key project members behind $MK has been revealed, eliminating any risk of scams or rug pulls. Furthermore, the token smart contract has been audited by Coinsult, which did not reveal any vulnerability or security risks. 

Due to Meme Kombat’s unique value proposition, $MK has already raised over $5.7 million in its ICO in just 3 months. Analysts such as Michael Wrubel, Crypto Tony and Matthew Perry are extremely bullish on the new meme coin, with Perry predicting it to 10x after launch. 

Visit Meme Kombat Presale

Source: https://thebittimes.com/pepe-price-pumps-can-it-recover-to-flip-bonk-tbt75357.html