PEPE has experienced significant resistance to its intraday surge, resulting in a 25% drop within the last 24 hours. However, despite this pessimistic development, several experts in the field are confident that the asset’s rally is not yet finished. Tony JRNY, who is the creator of JRNY Club and Planet XOLO, two popular NFT projects, and has a substantial following of 782K on Twitter, is the most recent individual to make this claim.
Tony recently shared on his Twitter account that he plans to use the dollar cost average (DCA) approach to purchase more PEPE tokens after the asset has found support during the current downturn. He believes that PEPE’s surge will be enormous once the bull market sets in.
Tony compared the recent movements of PEPE with the price action of Shiba Inu in 2021. He noted that Shiba Inu’s initial hype was a result of a surge in early 2021, which resulted in a massive increase of over 69,000% from $0.00000005 in April 2021 to a high of $0.000036 in May of that year.
Following its peak, Shiba Inu’s price plummeted, losing up to 74% of its value before it eventually found stability between $0.000006 and $0.000009. SHIB traded within this range for four months before it experienced a massive surge that propelled it to an all-time high of $0.00008845 in October 2021.
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Can PEPE Imitate Shiba Inu’s PUMP
Tony is confident that PEPE will likely follow a similar trajectory as Shiba Inu. He believes the asset has already cemented its position as one of the top meme coins in the industry. Therefore the possibility of it disappearing entirely is quite low. Tony notes that not many other meme coins have broken into the top 50 like PEPE, making it highly unlikely to fade away.
Despite some skeptics expressing doubt that PEPE could replicate Shiba Inu’s surge due to the latter’s initial organic community support, Tony argues that PEPE has already demonstrated its potential by experiencing a significant pump during a bear market. He believes that this indicates that PEPE has the potential to experience a much more significant surge in a bull run.
PEPE’s recent decline in value has caused it to drop to the 57th position on the list of the largest assets ranked by market capitalization. This is a significant drop from its peak position of 42nd. In the last 24 hours, PEPE has experienced a decline of 25.27%, making it the largest loser among the top 500 assets in the current market downturn. As of now, the asset is trading at $0.000001960.