Dogwifhat WIF/USD and Pepe PEPE/USD May Repeat Shiba Inu's SHIB/USD Run-Up in 2021

Dogwifhat WIF/USD and Pepe PEPE/USD may repeat Shiba Inu's SHIB/USD run-up in 2021 if the same patterns play out, according to a prominent crypto trader.

A prominent crypto trader has suggested that Dogwifhat (WIF) and Pepe (PEPE) may repeat Shiba Inu's (SHIB) run-up in 2021 if the same patterns play out.

The pseudonymous trader, known as Mate Finance, highlighted the striking similarities between the meme coins.

In 2021, as Dogecoin (DOGE) reached its cycle top, a new wave of meme coins emerged, including Dogwifhat and Pepe. These tokens quickly amassed billions in market capitalization, a feat that was largely unprecedented for tokens of their kind.

Now, as per the trader, if WIF and PEPE manage to achieve something similar, it could trigger a rising tide that lifts all boats.

The last cycle saw tokens like Floki Inu (FLOKI), Kishu Inu (KISHU), and Dogelon Mars (ELON) pump to multi-hundred million market caps. The trader anticipates similar trends for tokens like Billy (BILLY), Gigachad (GIGA), Mog Coin (MOG), and Popcat (POPCAT).

Mate Finance's analysis stems from the observation that WIF and PEPE have managed to maintain multi-billion market caps and mindshare for extended periods.

Unlike others, these tokens are not tied to a specific meta that has its moment and then fizzles out, he noted.

Another interesting token, according to the trader, is Bonk (BONK), a token embedded in the Solana ecosystem and backed by several VCs.

He anticipates that WIF and PEPE will eventually surpass BONK in market capitalization, an occurrence that will be highlighted in the news.

While discussing the significance of meme coins, Mate Finance also pointed out that WIF and PEPE are yet to be listed on major exchanges like Coinbase (NASDAQ:COIN).

This, he argues, was a key factor behind the massive bullish momentum and blow-off that SHIB experienced late in the 2021 cycle.

Despite lower savings rates globally and liquidity spread across hundreds of Tier 2 and Tier 3 meme coins, the trader remains optimistic about WIF and PEPE reaching more than $10 billion market caps.

The crypto influencer's analysis is based on the observation that WIF and PEPE have managed to maintain multi-billion market caps and mindshare for extended periods. He believes that these tokens, unlike others, are not limited to a specific meta that has its moment and then fizzles out.

The influence of meme coins and Bitcoin as an institutional asset class will be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

The image was created using artificial intelligence with Midjourney.