- PEPE’s price is down 77% from its peak but could surge 367.35% by Apr. 19, according to CoinCodex.
- PEPE is up 8.6% in 24 hours but remains down across longer time frames, signaling mixed sentiment.
- PEPE expected to repeat its 2023 surge period.
Last year, Pepe had an outstanding run. The meme coin soared through the market and into the top 30 crypto projects by market capitalization. On December 9, 2023, it hit its all-time-high, $0.00002803. Massive gains were lauded by investors.
But the rally did not last. Since its peak, the meme coin has fallen by 77%. Holders have seen their portfolios shrink, erasing most of their 2023 profits.
According to CoinCodex, the frog-themed token is set for a strong comeback. The platform predicts a price surge to $0.00003020 by Apr. 19. If this happens, the coin will skyrocket by 367.35% from its current price levels.
However, the optimism comes with a warning. CoinCodex expects the meme token to correct back to $0.000016 by mid-May. Investors might see yet another wild ride if this materializes, with significant gains interspersed with precipitous losses.
PEPE’s trading volume has stayed high, currently standing at $1.32 billion, over the past 24 hours. There is still disagreement in the market. While some traders fear another plunge, others see this as a point of entry.
There are obstacles for the larger cryptoverse as well. Bitcoin (BTC) had a dramatic fall even though it recently reached $80,000. PEPE and other altcoins may suffer if BTC takes a plunge.
PEPE has showcased some tenacity in the face of recent difficulties. The meme coin has increased 8.6% in the past day, following a general crypto recovery. BTC is inching back toward $83,000, signaling a potential recovery.
A closer look at the frog-themed token performance reveals a different picture. The meme coin has dropped 11.2% over the past week and 22.3% in the last 14 days. It has dropped 21.5% since March 2024, with a monthly fall of 32.4%. The market is still bearish, even though some traders are taking advantage of the plunge as an investing opportunity.
Can PEPE Repeat Its 2023 Success?
PEPE needs favorable market circumstances to reach new heights. The token might rise in response to a surge in Bitcoin. A surge might also be instigated by increased frenzy of meme coins.
However, its explosive growth, PEPE is uncertain. The frog-themed token may soon reach a new all-time high if predictions are to be believed. Its past, however, indicates that drastic surges are followed by abrupt corrections.
Traders should keep an eye on both Bitcoin’s movement and other factors. PEPE still has a chance to compete in another rally, but it won’t be easy.