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Pepe has made headlines in the past few days after its parabolic move created many illiquid millionaires. The Pepe price soared to a high of $44.195e-8 on April 19 and then quickly erased some of those gains as some earlier buyers started liquidating their coins. Pepe was trading at $31.655-8, which was ~28% below the highest point last week.
Will Pepe make meme coins great again?
Pepe is a new meme coin that aims to mirror the success of other popular coins like Dogecoin, Shiba Inu, and Floki Inu. Like these tokens, it has no major utility. Instead, its main role is to dethrone these popular meme coins. In its website, Pepe says:
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“The Inu’s have had their day. It’s time for the most recognizable meme in the world to take his reign as king of the memes.”
Pepe price has done well as many investors rushed to buy the token and its popularity grows. It has accumulated over 65k Twitter followers in the past few days. Also, the token was trending in Twitter and other platforms like StockTwits and Reddit.
Pepe token price is also in the spotlight after signs that more exchanges will list it. OKX, the leading exchange, conducted a poll asking its customers to vote for their favorite meme. It agreed to list the three tokens with the most votes. The competing tokens are Pepe, Bone Shibaswap, Bonk, and ArbDoge among others.
Pepe price prediction
So, with Pepe making headlines, some people are asking whether it makes sense to buy the token. While this is not financial advice, I recommend staying away from the coin for several reasons.
First, it is a highly illiquid token that you will be lucky to exit. While the volume of Pepe tokens traded has risen, the reality is that its liquidity is sharply lower. Instead, if you are interested in cryptocurrencies, we recommend that you focus on liquid coins like Bitcoin and Litecoin.
Second, history suggests that this hype will die soon. For example, early this year, Bonk was the most trending crypto tokens. At the time, its price surged to a record high. Today, Bonk price has crashed and is about 88% below its all-time high.
The same is true with other meme coins like Dogelon Mars and Saudi Shiba Inu that made headlines and then collapsed. I believe that Pepe will move in the same direction soon. However, in this hype period, Pepe could still some more gains. But in the long term, I suspect that it will crash to zero as its momentum fades.
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