Betting on Pepe Over Dogecoin: Trader's Insight into Memecoins

Betting on Pepe Over Dogecoin: Trader’s Insight into Memecoins

Time Stamp: August 24, 2023 11:33 AM
Source Node: 2232055

A highly popular pseudonymous crypto trader known as “Altcoin Sherpa” has recently expressed bearish sentiment on Dogecoin ($DOGE) and shown a preference for a rival meme coin named Pepe ($PEPE), which has exploded over 1800% in just four months.

In a video update (titled “ALTCOIN REVIEW: Dogecoin, Chainlink, Arbitrum, Rune, Lido, Curve”) released yesterday, he highlighted Dogecoin’s bearish price action. He predicted that DOGE could plunge by up to around 21% from its current level. At the time of writing, Dogecoin is trading at $0.0626 (up 1.1% in the past 24-hour period), and Altcoin Sherpa believes it could drop to around $0.055.

He stated:

“I think that this is just mostly going back down lower to the $0.05. Maybe not $0.05 exactly, but like $0.055 or something like that. It seems logical. [Dogecoin] doesn’t look great.“

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Despite the bearish outlook, Altcoin Sherpa does see some potential upside for Dogecoin. He believes that DOGE is nearly locked to pump eventually but acknowledges that its high relative market cap makes it a different proposition these days.

In contrast to his views on Dogecoin, Altcoin Sherpa sees more promise in the memecoin Pepe. With a market cap of around $448 million, PEPE is trading at $0.00000107, up by around 1,845% from its April 19th price of approximately $0.000000055.

Altcoin Sherpa stated:

“I think that PEPE is probably just a better buy than DOGE. I say that as a PEPE bag holder, so obviously, I’m biased. But I think that given that Dogecoin is so high up relatively market cap…“

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