A widely followed cryptocurrency commentator made a bold prediction about the potential of the frog-themed token Pepe (CRYPTO: PEPE) on Sunday, likening its structure to that of Dogecoin (CRYPTO: DOGE) during the 2021 bull market.
What Happened: Iyx, known for studying chart patterns of popular meme coins, said that the potential of PEPE’s next move is “unlimited,” drawing a parallel with Dogecoin’s explosive run to $90 billion market valuation in 2021.
The commentator said that Bitcoin reaching $150,000 will infuse significant liquidity in the market, enabling “massive” pumps for top-tier coins like PEPE.
“PEPE might be the first meme to hit $100 billion valuation on his first cycle,” Iyx projected.
Meanwhile, another well-known analyst Max Schwartzman, shared a custom pair chart for PEPE, correlating the coin’s accumulation with its price action.
The analysis indicated a negative relationship between the accumulation by whales and the price. This meant that large investors aggressively stocked PEPE, while retail investors sold the tokens.
See Also: Bitcoin ‘Early In Bull Market,’ Can Compete With Gold ETFs, Blockstream CEO Says
Why It Matters: The bullish expectations come amid PEPE’s corrective phase, which has seen the Ethereum (CRYPTO: ETH)-based coin plunge nearly 40% in a month.
PEPE’s Bull Bear Power indicator, which measures the strength of buyers and sellers in the market, was “Neutral” as of this writing, while the Momentum indicator, which compares the short-term price and long-term price, flashed a “Sell” signal, according to TradingView.
Over the last 24 hours, PEPE balance held by long-term holders increased by 0.04%, according to IntoTheBlock, indicating accumulation.
Price Action: At the time of writing, PEPE was exchanging hands at $0.000009025, down 5.45% in the last 24 hours, according to data from Benzinga Pro.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock
