- Dogecoin (DOGE) and Pepe (PEPE) are competing in the meme coin market.
- PEPE has experienced rapid growth in market capitalization.
- Analysts have differing opinions on the future of DOGE and PEPE.
In the world of meme coins, a burgeoning competition is unfolding between Dogecoin (DOGE) and Pepe (PEPE), the recently launched token that has rapidly gained popularity within the market.
Although PEPE entered the trading scene in April 2023, DOGE has been around since 2013, making it one of the early cryptocurrencies. DOGE emerged during a time when the adoption of cryptocurrencies faced challenges. However, it was in the bullish market of 2021 that DOGE garnered significant attention due to its skyrocketing price. During this period, numerous market participants capitalized on the coin’s surge, and Elon Musk actively promoted DOGE to the crypto community.
PEPE’s ascent, in contrast to DOGE, followed a distinct trajectory. While DOGE experienced exponential growth amidst a thriving bull market, the frog-themed token made significant strides during prevailing market ambiguity.
Market capitalization of DOGE tops PEPE
Regardless of DOGE’s performance, PEPE has experienced more rapid growth in terms of market capitalization. Unlike DOGE, which required several years to reach a market cap of $1 billion, PEPE achieved this significant milestone within weeks.
One contributing factor to this phenomenon is that a significant portion of the total PEPE supply, specifically 391 trillion out of 420 trillion, had already been released into the market. Despite experiencing rapid growth, PEPE’s market capitalization still lags significantly behind Dogecoin’s. PEPE’s market cap still needs to maintain its position above the $1 billion mark, while DOGE boasts an impressive market cap of $9.94 billion.
Differing viewpoints
Renowned crypto analyst Miles Deutscher asserts that PEPE is poised to surpass DOGE in the upcoming bullish phase. Deutscher highlights the fatigue among many market participants holding DOGE, suggesting that this could hinder DOGE’s ability to achieve another substantial surge in the next bull cycle.
Deutscher further emphasized that PEPE stands apart from other meme coins as it boasts a new set of holders. Nonetheless, a pseudonymous on-chain analyst, Tree of Alpha, expressed a contrasting viewpoint to Deutscher. When questioned about these cryptocurrencies, Tree of Alpha, a respected figure in the crypto industry, stated in June that they held a bearish outlook on all meme coins except for DOGE.
Meme coins exhibit similar trends
The 4-hour chart of DOGE indicates a strong dominance of bulls over bears, although caution may be required in the near term as a retracement could occur. This caution is warranted as the Relative Strength Index (RSI) has been overbought since reaching 71.32. However, the Exponential Moving Average (EMA) indications suggest that any potential downtrend in DOGE may be short-lived.
Currently, the 20-day Exponential Moving Average (EMA) in blue has intersected the 50-day EMA in yellow at a price of $0.065. This occurrence suggests that DOGE continues exhibiting bullish characteristics, regardless of the Relative Strength Index (RSI) readings.
Notably, PEPE exhibits a comparable pattern to DOGE, as observed through the Exponential Moving Average (EMA). The 20 EMA surpasses the 50 EMA, suggesting a potential bullish outlook for PEPE in the near future.
The Moving Average Convergence Divergence (MACD) further corroborated the prevailing sentiment in the market. The MACD is situated in positive territory, indicating a bullish trend. Additionally, the orange dynamic line, depicted in the accompanying image, is positioned below the blue dynamic line. This signifies a scenario where buyers have exerted greater influence over sellers, resulting in PEPE gaining significant upward momentum.
In summary, both DOGE and PEPE exhibit promising potential for exponential growth. Additionally, there is a likelihood of upward price movement in the short term for both cryptocurrencies. However, it is important to note that PEPE does not possess a guaranteed ability to surpass DOGE or exceed its market capitalization. Both assets are expected to remain relevant until the next bull cycle.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
