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After hitting a local high of $0.000028 on December 9, fueled by a broader market resurgence led by Bitcoin, the frog-themed token entered a retracement phase. However, despite this decline, PEPE remains a notable artist among meme pieces. With an impressive year-to-date gain of over 1,600%, it continues to outpace its main rivals, SHIB and DOGE, which saw more modest increases of 100% and 323%, respectively.
Meanwhile, as the market calms down, analysts are speculating that PEPE could be gearing up for a major bullish move.
On Wednesday, Chandler Bing, a prominent memecoin community analyst, described the current PEPE withdrawal as “just noise” in a tweet. He highlighted that PEPE could be on the verge of a massive price surge, projecting a potential upside of 2,500%, reminiscent of its explosive growth of 2021. Bing further suggested that PEPE’s market cap could potentially rival SHIB’s historic summit in 2021, marking a milestone for the frog-themed coin.
“Historically, from one low point to the next high point, there was always about 2,500% growth. Will the next high end match the SHIB 2021 ATH market cap? PEPE.” He noted, adding another tweet“In October 2021, SHIB briefly surpassed DOGE in market capitalization, becoming the most valuable meme coin. Now think about what PEPE is capable of.
 
To assess this possibility, it is essential to consider the current PEPE market environment. Like other successful meme coins, PEPE’s exponential growth potential depends on a combination of community enthusiasm, market dynamics, and virality.
Notably, SHIB’s meteoric rise in 2021 set a benchmark for meme coins, and PEPE’s performance suggests it could follow a similar trajectory if these factors align. Notably, a 2,500% increase in PEPE from current prices would place its value around $0.00056.
Recent whale activity adds to this optimism. This month alone, whales have accumulated hundreds of billions of PEPE securities, indicating confidence in the future of the token.
Interestingly, earlier this month, PEPE’s market capitalization even reached an impressive $11 billion, surpassing Ethereum’s DeFi cornerstone Uniswap and briefly entering the top 20 cryptocurrencies. currencies in terms of market capitalization. Over the past few days, PEPE has re-entered the top 10 most traded cryptocurrencies, according to CoinGecko data, signaling increased interest and activity.
PEPE was trading at $0.00002119 at press time, reflecting a 3.65% rise over the past 24 hours.