Pepe coin has created a new all-time high on Tuesday, trading as high as $0.0000127, data from CoinGecko reveals.
More importantly, the meme coin reached a $5 billion market cap for the first time in its history.
Experts expect Pepe price to continue its bullish trajectory, considering that it is showing a strong correlation to Ethereum.
Meanwhile, low-cap hunters continue to search for the next 100x meme coin, with Dogeverse emerging as one of top contenders.
Pepe Shows Strong Correlation to Ethereum - Will It Flip Shiba Inu?
Pepe coin has been outperforming Dogecoin and Shiba Inu during this bull cycle, witnessing significantly higher whale activity.
While the Pepe price is up by over 600% over the past year, Shiba Inu has rallied by 200%.
Pepe’s strong performance is no accident. Being the largest ERC-20 meme coin, it has been acting as “leveraged ETH”, offering much higher gains than Ethereum in the same direction.
This is also not a one-off scenario. Top Solana meme coins such as Dogwifhat and Bonk have been acting as beta bets on Sol during this bull cycle.
With the spot Ethereum ETF approval now appearing imminent, some experts are even projecting ETH to peak at $10,000. Under such circumstances, Pepe emerging as the top performing meme coin and even flipping Shiba Inu would not be a surprise.
For instance, popular crypto investor Mando (@rektmando) revealed that he “snap bought” Pepe coin as soon as the Ethereum ETF approval news broke.
the first thing i snap bought on the ETH news was $PEPEthe next thing I'm buying is SOL & SOL memes
— Mando (@rektmando) May 20, 2024
Another investor Blockgraze - who was also one of the earliest investors in $WIF - is extremely bullish on Pepe. He reveals that investors can simply go all in on Pepe and outperform 99% of the market.
His long-term thesis on Pepe appears to be backed by on-chain data as well. Lookonchain reveals that one investor - who only purchased $83 worth of $PEPE - is now worth over $80 million, simply by never selling his Pepe holdings.
The $PEPE price just hit a new all-time high!This diamond trader turned $83 into $79.4M by buying and holding $PEPE, a gain of 958,580x!3 wallets(belonging to the same person) spent only 0.041 $ETH($83) to buy 6.44T $PEPE($79.4M), and have never sold any $PEPE to date.… pic.twitter.com/CeLmbmVogz
— Lookonchain (@lookonchain) May 21, 2024
Could Dogeverse Be The Next 100x Meme Coin?
The new multi-chain meme coin Dogeverse continues to impress investors, having already raised over $15 million in its ongoing presale.
The hype surrounding the new project isn’t unjustified. It is the first meme coin to launch in 6 blockchain ecosystems, including Ethereum, Solana, Polygon, Base, BNB Smart Chain and Avalanche.
As previously mentioned, meme coins are strongly correlated with their native tokens and benefit from their bullish strength. In the case of Dogeverse, it could benefit from the growth in 5 different native tokens, a revolutionary concept that could very well become the new meta.
Its multi-chain status also allows Dogeverse to completely take over the meme coin market after its launch. The token will go live on popular DEX and CEX of each of the aforementioned chains, grabbing a significant amount of attention and maximizing its price potential.
It’s not without any reason that popular crypto investors such as TodayTrader believe Dogeverse to deliver up to 1000x returns after its launch.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
