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Max, the founder and CEO of media firm BecauseBitcoin, recently compared PEPE price action to Shiba Inu movements in 2021 after its Coinbase listing.
He suggests that Pepe (PEPE) could be setting the groundwork for a massive rally, much like the remarkable rise of Shiba Inu (SHIB) following the Coinbase listing in 2021. The market pundit sees a potential gain of over 850% for PEPE this year.
Pepe Rallies on Coinbase and Robinhood Listings
Notably, Pepe has captured the market’s attention since yesterday, when it secured listings on major U.S. trading platforms, Coinbase and Robinhood. These listings have led to a spike in trading volume, with PEPE’s daily volume increasing by 228% to $20.62 billion in the past 24 hours.
This large volume accounts for about 5.45% of the total crypto trading activity, making PEPE the sixth most traded cryptocurrency in terms of volume. The heightened interest has driven PEPE to reach new all-time highs over the past 24 hours, with the coin’s price climbing by 186% since Nov. 4.
Following the listings, PEPE surged to a record price of $0.00002596 before pulling back slightly to the $0.00002344 range. Despite the rapid price increase, Max believes this rally is far from over.
A Projected 858% Spike
He expects PEPE to continue its upward momentum, mirroring the trajectory taken by SHIB in late 2021. For context, in 2021, following its Coinbase listing, SHIB rose by an impressive 864% within a 23-day period, eventually peaking at $0.00008845 in October 2021.
This rapid increase drew widespread attention, sending Shiba Inu into the ranks of top cryptocurrencies by market cap. Max suggests that PEPE is in a similar position now, setting the stage for a comparable rally as interest and trading volume grow.
According to his latest analysis, PEPE could potentially rise by 858% from its current price to reach a target of $0.00019 over the next 58 days. If PEPE achieves this price, its market capitalization will skyrocket to around $80 billion.
Such a valuation would surpass the current market caps of the leading meme coins Dogecoin ($57.3 billion) and Shiba Inu ($15.04 billion). With its valuation now at $9.48 billion, The Crypto Basic confirmed today that PEPE is already closing the gap between its market cap and Shiba Inu’s.
Pepe Expected to Claim $50B Market Cap
Meanwhile, in a previous disclosure, Max explained that he believes PEPE is capable of reaching a $50 billion market cap—a milestone previously achieved by Shiba Inu and Dogecoin during their peaks in 2021.
"In my opinion $PEPE has the highest probability of being this cycles "Why didn't I buy it" bag.
One day this painting will be finished. #PEPE will have gone on to flip the elusive 50B MC level & the world will be in order. I told you then & I am telling you again now… there… https://t.co/OrqUqI6X0O pic.twitter.com/47CoLrSB1x
— Max (@MaxBecauseBTC) November 13, 2024
Both SHIB and DOGE surged to $50 billion market caps amid intense speculative interest during the 2021 bull run but eventually declined from those highs. While Dogecoin has now reclaimed this level, Shiba Inu is still far from it.
Interestingly, Max sees PEPE following a similar pattern to the 2021 upsurges from SHIB and DOGE, with a swift rise in value, potentially reaching an all-time high before facing a pullback. The surge in trading volume supports this bullish outlook.