Crypto analysis platform CEO Max Schwartzman pointed out an important observation. According to the CEO, there are similarities between Dogecoin (DOGE), which is at the peak of meme coins, and PEPE. If history repeats itself, PEPE could soon experience a significant price breakout.
PEPE and DOGE
In a post shared on the X (formerly known as Twitter) platform, Schwartzman made some statements that caught the crypto community’s attention. He pointed out “some striking similarities” between the charts of PEPE in 2023 and the DOGE chart in 2020. From the shared chart, it can be said that PEPE’s price movement in 2023 is exactly the same as DOGE’s price movement in 2020.
If PEPE continues to move in the same way as DOGE, the meme coin’s price could host incredible increases in 2024. PEPE’s price has also been trading in a narrow range since November, just like DOGE’s price before it rose to its all-time high of $0.7 in May 2021. DOGE had experienced an unbelievable price increase of over 26,000% while reaching this price.
Therefore, discussions continue on the possibility of PEPE performing similarly to DOGE’s performance seen in 2021 during the year 2024. Another similarity is that PEPE’s current market value of approximately $600 million is the same as DOGE’s market value in December 2020, before the mentioned surge.
PEPE ignited the meme coin frenzy last May. The cryptocurrency quickly became a phenomenon when it was launched in April 2023. It became one of the most traded tokens of the mentioned period, and as a result, its price rapidly increased.
The Relationship Between PEPE and Ethereum
Max Schwartzman also notes that Pepe coin not only correlates with DOGE but also with Ethereum. The CEO states that PEPE is fully replicating everything ETH does.
On the other hand, leading analyst Crypto Kaleo also recently mentioned that PEPE could reach all-time highs as ETH begins to move. He noted that the parallelism between the two crypto tokens is similar to the relationship between SOL and BONK.
BONK was at the top of the list of those who benefited the most from SOL’s revival. During this process, it rose to its all-time high.
