Max Schwartzman, CEO of the crypto analysis platform Because Bitcoin, has highlighted a notable similarity between the meme coins Dogecoin (DOGE) and PEPE. He suggests that if history repeats itself, PEPE might soon experience a significant price breakout, similar to DOGE’s past surge.
On the X platform (formerly known as Twitter), Schwartzman pointed out striking similarities between PEPE’s 2023 price charts and DOGE’s in 2020. The movements are nearly identical, indicating that PEPE could follow in DOGE’s footsteps and potentially see a considerable price increase in 2024.
PEPE has been trading within a narrow range since November, much like DOGE before its all-time high of $0.7 in May 2021. DOGE had an incredible price increase of over 26,000% to reach that peak. Discussions are ongoing about the possibility of PEPE replicating DOGE’s performance in 2021 during the year 2024.
Another point of comparison is PEPE’s current market value of approximately $600 million, which is similar to DOGE’s market value in December 2020, just before its significant rise. PEPE sparked the meme coin frenzy last May, quickly becoming a phenomenon and one of the most traded tokens, leading to a rapid price increase.
Schwartzman also notes a correlation between PEPE and Ethereum (ETH), stating that PEPE’s price movements are closely mirroring ETH’s. Analyst Crypto Kaleo also suggested that PEPE could reach all-time highs as ETH begins to move, drawing parallels to the relationship between SOL and BONK.
BONK benefited greatly from SOL’s resurgence, rising to its all-time high during that period. The parallel between these crypto tokens indicates a potential pattern that could predict PEPE’s future trajectory.
