- The lagging tokens do not always catch up with the strongest performers.
- Conviction could pay dividends later in the cycle- WIF breaking $4 can rekindle bullish fervor.
As a seasoned researcher with a knack for deciphering market trends, I find myself intrigued by the current dynamics between PEPE and WIF, the third and fourth-largest memecoins respectively. My personal observation suggests that while WIF has more room to grow due to its smaller market cap, the strength of PEPE’s bullish conviction seems to be driving its performance.
Pepe (PEPE) and DogeWhiz (WIF) hold the positions of third and fourth largest meme-based cryptocurrencies, in terms of market value.
PEPE currently holds a significantly larger sum of approximately $10.2 billion, whereas WIF stands at around $2.8 billion. In essence, this implies that WIF potentially has a greater potential for growth.
As a researcher observing the meme market, I’ve noticed an interesting trend: PEPE has consistently surpassed the performance of the Hated Dog Meme. Despite the fact that they are both listed on major exchanges and boast robust communities, it’s PEPE that seems to be grabbing more attention in the meme world.
Is it possible that Shiba Inu (WIF) could underperform in the upcoming weeks, given its less than stellar performance compared to other cryptocurrencies, with Bitcoin [BTC] failing to surpass $100k and the overall meme coin market taking a downturn?
PEPE has far stronger bullish conviction
Following the rallies in April and May, the price of PEPE dipped down to approximately 78.6% of its initial rise. However, over the last two months, it has surpassed its earlier peaks and gone past the 61.8% extended level.
In the upcoming months, it’s projected to extend up to 100% at approximately $0.00003 and reach a 200% extension at around $0.0000438.
Following the milestone of a $10 billion market value, its supporters have become increasingly confident, as indicated by the recent upward trend in On-Balance Volume (OBV) over the past few weeks.
The RSI was also in overbought territory but does not promise an immediate pullback.
WIF struggles to break out past the consolidation
In recent weeks, WIF has moved back to the 78.6% level and has since risen. Yet, its attempt to reach its record high of $4.87 in mid-November was abruptly halted by a strong resistance.
Despite the setback, both the OBV and RSI continued to trend higher.
A positive perspective suggests that WIF may trail behind PEPE for now but could potentially surpass it during the later stages of the Bitcoin [BTC] market uptrend, as it has the potential to make greater strides.
In another way, the weak behavior displayed by dogwifhat may indicate a lack of commitment or resolve.
Read Pepe’s [PEPE] Price Prediction 2024-25
Based on current circumstances, it seemed probable that WIF might find it challenging to surpass PEPE’s growth within the upcoming weeks. A leap above $4 could mark the beginning of a shift in this trend.
Investing in cryptocurrencies, even those related to dogs, may seem illogical, but during market surges, strong belief in a coin can yield significant returns. Some assets, when they take off, can erase months or even years of losses within just a matter of weeks.
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2024-12-11 06:15