Tony believes PEPE is moving in the same direction as Shiba Inu did in 2021 before it registered its historical surge later that year.
PEPE has faced massive opposition to its intraday rally, declining by as much as 25% in the past 24 hours. Despite this bearish turn of events, some industry players believe the asset’s rally is far from over. Tony JRNY, the founder of the NFT project JRNY Club and Planet XOLO with 782K Twitter followers, is the latest to make this assertion.
Taking to Twitter, Tony recently disclosed that he would start employing the dollar cost average (DCA) strategy to procure more PEPE tokens once the asset finds support in the ongoing dip. He believes PEPE’s pump will be astronomical once the bull market comes.
Tony drew parallels between PEPE’s current movements and Shiba Inu’s price action back in 2021. Notably, SHIB’s initial buzz came off of a rally in early 2021, which saw the Shiba Inu appreciate by over 69,000% from $0.00000005 in April 2021 to a high of $0.000036 in May of that year.
After hitting the local top, Shiba Inu faced a free fall that saw it shed off up to 74% of its value until it found support between $0.000006 and $0.000009. SHIB ranged within this territory for four months before the astronomical surge that skyrocketed it to the all-time high of $0.00008845 in October 2021.
When $PEPE levels out and finds support, I'm going to start DCAing. When we enter a bull market, the pump potential will be insane
Check out $SHIB for example. After peaking, it found support and went sideways for 4 months and then exploded WAY higher than the previous peak pic.twitter.com/yLTCVGPvFL
— JRNY Crypto (@JRNYcrypto) May 8, 2023
PEPE Poised to Imitate Shiba Inu
Tony believes PEPE is poised to follow this direction. The asset has already established a position among the top meme coins in the space. As a result, Tony asserts that the probability of it just fading into oblivion is quite low. “Very unlikely it just completely fades out at this point. There aren’t thousands of other meme coins that broke the top 50,” he remarked.
Some proponents have cast doubt on the assertion that PEPE could replicate Shiba Inu’s pump, pointing out that SHIB received more organic community support in its early days than PEPE. In response, Tony mentioned that PEPE pumped this hard in a bear market, showing the potential for a bigger pump in a bull run.
Meanwhile, PEPE’s drop in value has relegated it to 59th on the list of largest assets by market cap, down from the peak of 42nd position. With a 25.27% decline in the past 24 hours, PEPE is the biggest loser among the top 500 assets in this ongoing market-wide bloodbath. The asset is currently trading for $0.000001809.
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