Can PEPE Repeat Its 2023 Success?

Last year, Pepe had an outstanding run. The meme coin soared through the market and into the top 30 crypto projects by market capitalization.

Meme coin PEPE enjoyed a stellar run last year, rising through the market and into the top 30 crypto projects by market capitalization.

On December 9, 2023, it hit its all-time-high at $0.00002803. This incredible rally brought massive gains to investors who entered early and witnessed the token’s meteoric rise.

However, the rally has since fizzled out, and PEPE has lost 77% of its peak value. Sadly, this means that most of the 2023 gains have been wiped out, leaving holders with significantly shrunk portfolios.

According to CoinCodex, the frog-themed token is now set for a strong comeback. The platform predicts a price surge to $0.0020 by April 19. This will mark a 367.35% rise from its current price levels.

But the optimism also comes with a warning. CoinCodex expects the meme token to correct back to $0.000016 by mid-May. Investors might see yet another wild ride if this materializes, with significant gains interspersed with precipitous losses.

PEPE’s trading volume has remained high, currently at $1.32 billion, over the past 24 hours. There is still disagreement in the market. Some traders fear another plunge, while others see this as a point of entry.

There are obstacles for the larger cryptoverse as well. Bitcoin (BTC) experienced a dramatic fall despite recently touching $80,000. If BTC takes a deeper plunge, then PEPE and other altcoins may suffer.

However, showing some tenacity in the face of recent difficulties, PEPE experienced an increase of 8.6% in the past day, following a general crypto recovery. BTC is inching back toward $83,000, signaling a potential rally.

Taking a closer look, the frog-themed token has seen a decrease of 11.2% over the past week and 22.3% in the last 14 days. It has also fallen by 21.5% since March 2024, with a monthly drop of 32.4%.

The market remains bearish, even though some traders are taking advantage of the plunge as an investing opportunity.

Can PEPE Repeat Its 2023 Success?

For PEPE to reach new highs, it will need favorable market circumstances. The token might rise in response to a surge in Bitcoin. Alternatively, an influx of traders seeking out meme coins could also instigate a rally.

However, its explosive growth, like the gains seen in 2023, is unlikely. The frog-themed token may hit a new all-time high if predictions come true. But its past performance suggests that any drastic surges will be followed by abrupt corrections.

Traders should keep an eye on both Bitcoin’s movement and other factors. If BTC manages to sustain its position above $80,000, then PEPE still has a chance to join another rally—but it won’t be easy.