- Crypto analysts present conflicting views on the future performance of Dogecoin and PEPE, with the potential impact of holders’ profit/loss ratio and market sentiment playing crucial roles.
- Despite a dip in Dogecoin’s value and a significant jump in PEPE’s value, the former’s brand recognition and backing by high-profile personalities like Elon Musk still provide it with a competitive edge.
In recent times, meme coins like Dogecoin, Shiba Inu, Floki, and PEPE have marked themselves as lucrative yet risky avenues for profit in the crypto market. The focus now hones in on the future performance of Dogecoin and PEPE in the forthcoming bull cycle, which crypto analysts hotly debate.
Miles Deutscher, a noted crypto analyst, throws his weight behind PEPE, predicting its superior performance against Dogecoin in the impending cycle. His reasoning originates from the ‘underwater thesis’ that relates to the percentage of cryptocurrency holders ‘underwater’, or at a loss. This thesis suggests that a higher proportion of underwater investors can lead to increased selling pressure as investors seek to offload their holdings at breakeven.
Deutscher points out that currently, PEPE has fewer underwater holders than Dogecoin, implying a smaller selling pressure as the market ascends.
Deutscher further argues that PEPE, with its fresh appeal, enjoys a less fatigued market sentiment than Dogecoin. As the market capitalization of PEPE is significantly less than Dogecoin, a lower capital injection is necessary to instigate price movements, another point in PEPE’s favor.
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However, another crypto analyst, @Tree_of_Alpha, contradicts this view, predicting Dogecoin will bring greater returns for investors in the next cycle. The analyst believes that Dogecoin, as the original meme coin, holds an edge over ‘copycats’ that have lost their novelty.
While these speculations are noteworthy, it’s crucial to understand that Dogecoin, as a Proof of Work (PoW) coin and a longstanding player since 2013, is safe from enforcement actions by the US Securities and Exchange Commission. Dogecoin’s extensive listings and brand recognition, coupled with its backing by influential figures like Elon Musk, give it a robust position in the market.
However, on a weekly basis, PEPE seems to have the upper hand over Dogecoin, registering a 71.4% increase in the past seven days compared to Dogecoin’s 7.3% rise. Yet, Dogecoin remains ahead in terms of brand recognition and backing, making this a closely watched contest in the world of meme coins.
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