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Meme coins in the cryptocurrency market continue to attract significant interest due to their potential for quick, substantial gains. DOGE and SHIB lead the meme coin market, followed by PEPE, WIF, and many other tokens showing significant rises. Amid these developments, some analysts suggest that meme coins might be making a comeback after recent declines, with PEPE and another meme coin under scrutiny.
Will PEPE’s Price Rise?
A well-known analyst, noted for his past comments on altcoins, highlighted a potential major rally for Pepe (PEPE) and another meme coin. The analyst, Bluntz, informed his followers on social media platform X that PEPE is preparing for a five-wave upward surge.
Bluntz shared his view on the five-wave price rally, which includes the frequently mentioned ABC correction. According to the analyst, this situation is based on the Elliott Wave theory. He believes that the ABC correction for PEPE coin is complete and a new price movement towards $0.0000145 might be on the way.
I like PEPE here; you can see a nice five-wave rise and ABC pullback. It’s one of the few that hasn’t really smoked and made new lows.
At the time of writing, PEPE was trading at $0.00001255, showing a 1.8% decline in the last 24 hours. While PEPE’s price dropped, its market cap also fell to $5.3 billion, but it firmly holds its position as the third-largest meme coin.
Additionally, the 24-hour trading volume stood at $736 million after a 29.5% drop.
Current Status of Solana-Based Meme Coin
Following PEPE, the analyst also examined Popcat (POPCAT), a Solana (SOL)-based meme coin, which he believes has completed a similar correction.
POPCAT is coming in hot with a turbo-strong bounce from low levels. Daily five waves up and a big “get out” from ABC, now ABC down looks finished and complete. I’m starting to think meme coins are coming back.
Bluntz also connected POPCAT with WIF, another notable meme coin in the market. He noted that POPCAT’s current chart resembles the one WIF formed before its price surge to an all-time high in March.
POPCAT fractal for fun. Where have I seen this structure before?
At the time of writing, POPCAT was trading at $0.4653, reflecting a 0.5% increase in the last 24 hours.
