Pepe the Frog, once an Internet favorite turned controversial meme, is back in a huge way – this time in the world of cryptocurrencies. PEPE, the amphibian-inspired memecoin, has seen meteoric rise in 2024, leaving established giants Dogecoin and Shiba Inu in the dust.

From feelings to FOMO: PEPE’s superior performance

PEPE recently broke its all-time high, reaching a dizzying high of $0.000014. This impressive feat is accompanied by a staggering 900% year-to-date gain, dwarfing the gains of Dogecoin (DOGE) and Shiba Inu (SHIB). This outperformance has sparked enthusiasm among cryptocurrency investors, with many questioning whether PEPE can dethrone the reigning memecoin monarchs.

Analysts point to a potential change in investor sentiment. While DOGE and SHIB boast larger ecosystems and engaged communities, their massive market capitalization limits their potential for explosive growth. PEPE, on the other hand, sits comfortably in the “mid-tier memecoin” category, offering investors the allure of high yields without the baggage of a bloated market capitalization.

Can PEPE sustain the momentum?

There are some compelling technical indicators supporting PEPE’s recent price rally. Bollinger Band analysis suggests that the bulls remain in control and PEPE remains above a key support level. This, combined with the potential approval of Ethereum ETFs, could trigger another buying frenzy, propelling the coin towards its projected target of $0.000020.

Total crypto market cap at $2.5 trillion on the daily chart: TradingView.com

However, experts warn against blind optimism. Memecoins are notorious for wild price fluctuations, and PEPE is no exception. A market correction or negative regulatory decisions could easily cause PEPE to fail. Additionally, unlike DOGE and SHIB, PEPE currently has no clear roadmap for utility beyond simply being memecoin. This raises concerns about its long-term stability.

Is it a profitable investment?

While Pepecoin’s recent growth is undeniably impressive, the future remains uncertain. Investors considering jumping on the memecoin bandwagon should prepare for a bumpy ride.

According to the latest data, the overall sentiment regarding coin price forecasts is bullish, with 86% of technical analysis indicators pointing to bullish signs and 14% pointing to bearish signs.

While technical indicators suggest a upward trend in the case of memecoin, with mighty investor interest and recent price increases, some caution is advised. A reading of extreme greed on the Fear and Greed Index indicates a potentially overheated market.

Featured image by Eric Keller, chart from TradingView