DOGE, the largest meme coin in terms of market value, has numerous competitors. Some of them have been forgotten over time. One of the main characteristics of bear markets is the inability of these altcoins, which can be considered as flash in the pan, to survive. Although DOGE has managed to survive in many bear markets, a popular crypto trader claims that a new rival that emerged this year may outperform it.
Popular crypto trader known as Altcoin Sherpa stated that he expects further decline in the price of Dogecoin (DOGE). Moreover, he argued that its newly famous rival, Pepe Coin, may perform better than DOGE.
“I believe that PEPE will likely be a better investment option than DOGE. I’m saying this as a PEPE investor, so I’m obviously biased. However, considering that Dogecoin has a relatively high market value, the future of PEPE Coin may be brighter.”
PEPE, with a market value just below $473 million, is currently over 1845% above its price of approximately $0.000000055 on April 19. Meanwhile, Dogecoin’s market value is slightly above $8.9 billion at the time of writing this article.
Although PEPE Coin gained popularity in June and experienced a massive rally, it quickly fizzled out like a flash in the pan. Moreover, many investors bought at higher prices than today, expecting further price increases.
According to Altcoin Sherpa, Dogecoin is showing a downward trend and could drop by up to 21% from its current level. This outlook is also connected to the overall market sentiment. BTC has not yet recovered from $26,000. If further declines occur, Dogecoin may not be the only altcoin to experience double-digit losses. On the other hand, Elon Musk’s support for the project continues. In a recent tweet, he showed that he hasn’t forgotten the Doge community.
“I think the price will drop to $0.05. Maybe not exactly $0.05, but $0.055 or something like that. It seems reasonable. I believe that Dogecoin will eventually rise. However, its market value is relatively high, which makes the situation a bit different these days.”