Could PEPE become the next Dogecoin?

PEPE is following the path of Dogecoin, which it might replace at some level. With Elon Musk’s endorsement and the community’s support, PEPE is ready for the 2025 rally, which looks eerily similar to Dogecoin in 2021.

Dogecoin was initiated in 2013 as a joke based on the “Doge” meme, which had a picture of a Shiba Inu dog. For many years it was niche cryptocurrency with no serious backing or purpose, but this all changed with Elon Musk’s involvement.

In 2021, Musk began to tweet about Dogecoin, calling it the “people’s crypto” and even gave himself the title of “DogeFather.” Instantly, the price of Dogecoin increased. However, Musk didn’t stop at social media instead, he stepped forward to make Dogecoin useful in real life.

Tesla, his electric car company, began to accept Dogecoin as a payment for its merchandise. The space exploration company also did the same. All these developments took Dogecoin from just being a meme into an actual currency which people can use to settle transactions.

After Dogecoin, Musk’s influence is now on PEPE. The inspiration for this new meme coin is the “Pepe the Frog” meme, which has been an internet icon for many years. The PEPE token is newer and has a smaller market cap than Dogecoin.

He shared a meme of Pepe the Frog, where he stated, “Explaining Constitutional Amendments.”

After that PEPE coin had quickly gained popularity after launching in April.

Can PEPE Reach Dogecoin’s Heights?

The big question now is whether PEPE can rise to the same level of success as Dogecoin. While PEPE’s market cap is currently much smaller, the coin has been able to show very rapid growth because of Musk’s involvement.

In fact, if Musk were to officially back PEPE, this coin would easily be catapulted into astronomical levels of popularity and price, which is a thing that happened to Dogecoin.

Some continue to speculate that Tesla would accept PEPE as a way to pay for services, but until now, there is nothing concrete, although this happening would significantly increase PEPE’s credibility and visibility. 

However, in all probability, it might require more than the influence of Musk to sustain PEPE. Once again, the hype surrounding the coin is what will make or break PEPE, as in the case of Dogecoin.

Data from CoinMarketCap shows that because of the gaffe, PEPE climbed 54.7%. The official PEPE Twitter account even quoted Musk’s tweet, adding a comment about “seizing the memes of production.”

Elon Musk’s influence is deemed as crucial since his tweets can cause tremendous price movements in the crypto market. For instance, another meme coin, Milady Meme Coin (LADYS), surged 12,056% in price after Musk’s tweet about it.

Another meme coin that shot up due to the influence of Musk was the Kekius Maximus abbreviated as KEKIUS, which rocketed by more than 3,000% since Musk put that name on his Twitter. However, the price of KEKIUS has decreased significantly since Musk changed his profile name.

In short, Elon Musk’s tweets and actions frequently send meme coins soaring in price, but can drop just as quickly when the billionaire’s focus turns elsewhere.

That Pepe is up 34% since its low in mid-December, with a big boost coming after Elon Musk changed his X profile picture to Pepe the Frog in gladiator attire.

This shift from Dogecoin to Pepe increased the coin’s price, from $0.0000144 on December 24 to a high of $0.00002828. It’s now trading around $0.00002025

Analyst comparing it to Dogecoin and predicting it could grow a lot in the 2025 bull market, possibly reaching $40 to $125 billion in value. The coin is even now trading more than Dogecoin in terms of volume, with $3.8 billion in 24-hour trading, compared to Dogecoin’s $1.9 billion.

As Pepe’s popularity rises, other Pepe-themed coins are also emerging, like Pepe Unchained, which is launching tools for creating memecoins without coding, and Wall Street Pepe, which is building a platform for memecoin trading and offering rewards.

Wall Street Pepe’s presale raised $38.5 million in its first month, benefiting from the hype around Pepe.

Analysts are very bullish on PEPE coin, comparing it to Dogecoin’s price action during the 2021 bull run. They believe PEPE is following a similar pattern, with its price rising while Bitcoin breaks its all-time high, and predict that PEPE will continue to climb higher, just like Dogecoin did in 2021.

Last year, PEPE’s price movement was similar to Dogecoin’s in 2020, and since then, PEPE’s market cap has skyrocketed from $600 million to over $8 billion. With a year-to-date gain of 1,400%, the rally is just getting started.

Crypto analysts are also optimistic, with some pointing out that PEPE is forming a “bull flag” or “bullish pennant” on its chart. These patterns suggest PEPE could keep rising, possibly reaching up to $0.000038 in the near future. Currently, PEPE is cooling off a bit but still trading at around $0.00002017.