The meme-coin market is on a tear in 2024, and PEPE coin is leading the charge. Over the past month, PEPE has skyrocketed over 700%, significantly outperforming established players like Dogecoin (DOGE) and Shiba Inu (SHIB). While DOGE and SHIB boast millions of holders, PEPE’s current holder base sits at a comparatively modest 170,000. This, according to analysts, could be a reason for PEPE’s continued rise.
Lower Holder Count, Higher Growth Potential?
While PEPE currently trails DOGE and SHIB in market cap, its lower number of holders is seen as a potential growth indicator. This suggests a large pool of investors who haven’t yet jumped on the PEPE bandwagon. If this number continues its recent upward trend, it could translate to a significant price surge for the meme-coin. Imagine the effect if PEPE’s holder count reaches even a fraction of DOGE’s 6.3 million – the price increase could be substantial.
Also Read: Meme Coin Mania Wanes: DOGE and BONK Dive, Are Shiba and Pepe Next?
Speculative Territory, But Room for Optimism
Of course, the cryptocurrency market is inherently volatile, and PEPE is no exception. A sudden sell-off by large investors (whales) could trigger a price drop. However, PEPE’s current market cap of $3.8 billion suggests there’s room for significant growth. This lower market cap, compared to established meme-coins, indicates PEPE has the potential to experience a larger percentage increase in value.
The Future of PEPE: A Froggy Fairytale or Price Plunge?
Only time will tell if PEPE’s meteoric rise continues. While there’s a chance it could fall back to earth, analysts remain cautiously optimistic. The low holder count, coupled with the relatively smaller market cap, paints a picture of a potentially undervalued asset. If PEPE can maintain its momentum and attract new investors, the future could be very bright – and profitable – for those who have already taken the plunge.
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