Pepe ($PEPE) resumed its upward trajectory on Friday, rallying by close to 7% to end the month of May.
The Pepe price currently stands at $0.0000152 and is gearing for another push towards a new all-time high.
Meme coins continue to outperform most alternative asset classes during this bull run. All eyes are now on the new multi-chain token Dogeverse, which is set to go live on Uniswap on June 5th after raising north of $15 million in its ICO.
Some analysts have tipped Dogeverse as the next crypto to explode.
Why is Pepe Coin Rallying Again?
Pepe witnessed a significant pullback after reaching a new all-time high of $0.0000172 - correcting by 24% down to $0.000013 - before displaying a consolidatory price action.
However, whales remain confident that Pepe will continue to be a top performer in this bull cycle. Lookonchain reveals that two whales made major investments into the token - worth $4.5 million and $3 million respectively - after Pepe’s price dropped earlier this week.
The meme coin also appears to have received a considerable boost from the favourable PCE inflation data released today. Indeed, Pepe remains strongly correlated to Bitcoin and Ethereum, both of which bounced back up after the PCE came out to be in line with the consensus expectations.
❖ U.S PCE PRICE INDEX (MOM) (APR) ACTUAL: 0.3% VS 0.3% PREVIOUS; EST 0.3%U.S PCE PRICE INDEX (YOY) (APR) ACTUAL: 2.7% VS 2.7% PREVIOUS; EST 2.7%
— *Walter Bloomberg (@DeItaone) May 31, 2024
BTC and ETH have dipped since, likely due to the weak US Chicago PMI released today which has sounded recession alarms in the market.
Chicago PMI just clocked in at a depressing 35.4 reading - the lowest since the depths of covid and at levels consistent with past recessions.Manufacturing is a leading indicator of economic activity. Eventually this will matter. pic.twitter.com/vtXrSI1q8o
— Mayur मयूर Thaker ठाकर (@freshjiva) May 31, 2024
However, Pepe continues to show impressive resilience, managing to hold above the $0.000015 price level for now.
The token is also witnessing impressive daily volume, which currently stands at $1.9 billion, the highest amongst meme coins.
Will Pepe Flip Shiba Inu?
Experts are confident that Pepe will be the meme coin to watch during this bull market.
Pepe coin already surpassed the $7 billion market capitalization earlier this week. Meanwhile, Shiba Inu continues to show tepid price action and has a market capitalization of just $15 billion.
Therefore, it would not be a surprise if Pepe manages to flip Shib in the upcoming months. After all, it remains strongly correlated to Ethereum, almost acting as leveraged ETH.
Considering that the spot Ethereum ETFs will soon start trading, attracting heavy institutional investment in ETH, Pepe could significantly outperform most other large-cap meme coins such as Shiba Inu and Dogecoin.
Could Dogeverse Be The Next 100x Meme Coin?
Neither Pepe nor Shiba Inu can deliver 100x ROI any more, considering their large valuation.
On the contrary, experts believe that Dogeverse could be the next 100x meme coin, owing to its multi-chain nature and promising potential during its presale.
Indeed, Dogeverse has already raised over $15 million in its highly successful ICO. Considering that its presale is set to end on June 3rd, investors are expecting the hype and FOMO to reach a fever pitch.
Following the conclusion of the ICO, Dogeverse will launch on crypto exchanges on June 5th at 10 AM UTC.
Dogeverse is the first meme coin ever to launch on 6 different blockchains simultaneously. These stellar chains include Ethereum, Solana, BNB Smart Chain, Polygon, Avalanche and Base.
Each blockchain ecosystem has its own set of popular DEXs and CEXs and Dogeverse is aiming to gain maximum visibility by going live on as many such platforms as possible.
It is therefore no surprise that smart-money traders are bullish on the new meme coin, with one whale investing over $183k during the presale.
Interested buyers still have until June 3rd to buy Dogeverse from the over-the-counter widget on its website.
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