Pepe, the third-largest memecoin after Dogecoin (DOGE) and Shiba Inu (SHIB) has been gaining popularity across crypto traders over the past few weeks. According to a widely followed crypto analyst Pseudonymous crypto analyst Kaleo, the meme coin had corrected heavily following the months-long rally and can still possess more upside potential in the short-term with the help of a good set of technicals.
In recent times, Pepe has again been gaining traction after it crossed above the descending trend line on the one-hour chart. It has already gone on to hit new all-time highs since last month, going from $0.000000075 on April 18th to $0.00000194 at the time of writing.
Commenting on the future of the meme coins, Kaleo cautioned buyers to the fact that the memecoins tend to lose value over time, so it does not make sense to use them as a long-term investment. Indicating that the life cycle of a typical memecoin, pump - dump cycle tends to happen over a compressed time period, Kaleo stated that if somebody claims to be holding the venture ‘for the long haul’ they could be delusional or be misleading people.
Pepe and other memecoins still remain to be high-risk assets and investors must consider the fact that it is easy to part with their hard-earned money when engaged in such an endeavor. With that in mind, Pepe and the other memecoin markets present a great opportunity to traders with the understanding and capability to capitalize on them for short-term gains.
Joseph Ruiz
- 2023-05-11
Pepe Gaining Traction as Memecoin Markets Offer Opportunity
Pepe, the third-largest memecoin has been gaining traction amongst crypto traders recently. Apart from Dogecoin and Shiba Inu, Pepe experienced a correction and however, it presents an opportunity for traders with the capability and understanding of memecoin markets to make short-term gains.
