Benzinga - by Mehab Qureshi, Benzinga Staff Writer. A pseudonymous analyst said there is potential for significant growth in the market cap of Pepe Coin (CRYPTO: PEPE).
What Happened: Kaleo on Sunday said PEPE’s current market cap stands at $525 million. Comparing this to previous cycles, where Dogecoin (CRYPTO: DOGE) reached $80 billion and Shiba Inu (CRYPTO: SHIB) reached $40 billion at their peaks, the analyst believes that PEPE has the potential for a breakout.
Analyzing the chart, the analyst identifies a high-timeframe (HTF) breakout that has just begun. Based on this observation, Kaleo predicts that PEPE has the potential to surpass a $1 billion market cap and potentially go even higher.
"There’s currently a HTF Breakout on the chart, I see this running back to $1B+ mcap easily," Kaleo tweeted.
$PEPEThe current PEPE market cap is only $525M.$DOGE at the peak of last cycle hit $80B, $SHIB hit $40B.
There's currently a HTF Breakout on the chart, I see this running back to $1B+ mcap easily. pic.twitter.com/Xn0BYeMQVV
— K A L E O (@CryptoKaleo) August 12, 2023
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Why It Matters: Last week, Kaleo said PEPE is likely setting up for a parabolic rally which is expected to push the price to a level last seen in May of this year. However, before the anticipated explosive price rise, the analyst predicts that PEPE might experience a quick dip. This dip would serve the purpose of retesting a high timeframe diagonal resistance level as support.
Kaleo added, “Seems like the likelier path at this point to see a bit of a dip before running up.”
Seems like the likelier path at this point to see a bit of a dip before running up https://t.co/iPSWYJk554— K A L E O (@CryptoKaleo) August 11, 2023
Price Action: At the time of writing, PEPE was trading at $0.000001377, up 3.15% in the last 24 hours, according to Benzinga Pro.
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