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Pepe price reached a new all-time high of $0.000014 on May 21, sparking hopes that it could close in on memecoin giants Dogecoin and Shiba Inu in terms of market capitalization.
PEPE has Outperformed DOGE and SHIB for 3 Consecutive Months
Pepe price has reached another all-time high for the second consecutive week running, outperforming the likes of Dogecoin (DOGE) and Shiba Inu (SHIB) memecoins that have a much larger ecosystem of long-term supporters.
The PEPE price surge this week brings its market cap above the $5.5 billion mark, closing the distance on DOGE ($25 billion) and SHIB ($15 billion) on the list of the top 3 largest memecoin projects globally.
Since the start of 2024, PEPE has become the most sought-after memecoin, with a whopping 990% year-to-day growth performance. This year-long phenomenon has been brought to bear this again this month.
The chart above shows that PEPE price has grown by 141.16% between May 1 and May 21 2024. But in comparison, market leaders DOGE and SHIB have received much lower traction, booking only 39.68% and 28.57% growth respectively so far in May 2024.
This underlines that crypto investors have shown a preference for mid-range memecoins like PEPE over established mega-cap options like DOGE and SHIB, which have lower bandwidth for wild upswings and parabolic breakouts.
If this pattern persists, mid-range memes like PEPE, Dogwifhat (WIF), and Floki Inu (FLOKI) will likely continue to dominate the top gainer’s charts as investors look ahead toward the next breakout phase if SEC delivers an approval verdict on Ethereum ETF this week.
While PEPE may not overtake SHIB and DOGE’s market capitalization, the switch in investor preferences could see PEPE outperform them in terms of short-term price performance.
PEPE price forecast: $0.000020 target in focus
Pepe price is currently trading at $0.000013 at the time of publication on May 22. But looking at the recent data, investors’ preference for PEPE over the DOGE and SHIB puts it in a position to enter another leg-up towards the $0.000020 target if the memecoin sector surges again during the next phase of the market rally.
The Bollinger band technical indicator also supports this bullish PEPE price prediction. As seen below, despite a 15% correction, PEPE price is still currently trending above the key support level at $0.000012 as indicated by the upper-limit Bollinger band.
This alignment suggests that bulls are still dominating the short-term market momentum despite the mild 4% pullback from the all time-high recorded early during the day.
If the US SEC approves the Ethereum ETFs and the memecoin traders enter another buying frenzy, the PEPE price could surge above the $0.000020 target as predicted.
However, conversely, if the market enters a correction phase, the PEPE price could find initial support at the $0.000010 territory.