Analysis of Meme Coins PEPE and POPCAT
Meme coins within the cryptocurrency market have garnered significant attention for their potential to yield substantial profits within a short period. Notable meme coins like DOGE and SHIB have dominated this sector, with PEPE, WIF, and various other tokens also experiencing remarkable surges. Recent observations indicate a possible resurgence of meme coins following a phase of decline, particularly focusing on PEPE and another meme coin.
Prospects for PEPE Price Surge
A well-respected market analyst, recognized for accurate altcoin predictions in the past, has brought attention to a potential significant upswing for Pepe (PEPE) and another meme coin. Referred to as Bluntz, the analyst informed followers on the social media platform X about a potential five-wave upward movement for PEPE.
Bluntz elucidated on the anticipated five-wave price surge, incorporating the widely discussed ABC correction. Drawing insights from the Elliott Wave theory, Bluntz suggested that the ABC correction phase for PEPE might have concluded, hinting at a forthcoming price shift towards $0.0000145.
At the time of analysis, PEPE was valued at $0.00001255, showcasing a marginal 1.8% decline over the past 24 hours. Despite the slight price retraction, PEPE upheld its position as the third-largest meme coin, with a market capitalization of $5.3 billion. The 24-hour trading volume for PEPE recorded a significant drop, standing at $736 million after a 29.5% decrease.
Solana-Based Meme Coin Review
In addition to PEPE, Bluntz scrutinized Popcat (POPCAT), a meme coin operating on Solana (SOL) blockchain. Bluntz expressed confidence in the completion of a similar corrective phase for POPCAT.
Bluntz highlighted the robust recovery of POPCAT from lows, noting a daily five-wave upward trend and an apparent conclusion of the ABC phase. He hinted at a potential resurgence of meme coins based on the positive movements observed in POPCAT. Further, Bluntz drew parallels between POPCAT and WIF, suggesting similarities in their price actions before WIF achieved its all-time high in March.
At the time of the evaluation, POPCAT was priced at $0.4653, reflecting a modest 0.5% increase within the preceding 24 hours.
The analysis provides valuable insights into the potential rally scenarios for meme coins like PEPE and POPCAT, indicating a possible resurgence in this sector.
