TL;DR
PEPE has surged in value, solidifying itself as the third-largest meme coin.
ChatGPT evaluated its odds of becoming the biggest in its niche before the end of 2024.
What are PEPE’s Chances?
The frog-themed meme coin – Pepe (PEPE) – has been one of crypto’s frontrunners in the past week, registering a triple-digit price increase. On November 14, it reached an all-time high of $0.00002438, while its market capitalization exploded above $10 billion. The valuation then pulled back a bit.
PEPE is currently the third-biggest meme coin, trailing behind Dogecoin (DOGE) and Shiba Inu (SHIB). We decided to poke the AI brains of ChatGPT by asking if it can become the largest in its field before the end of 2024.
The advanced chatbot that enables interactive conversations estimated that such a scenario is not completely out of the cards, but it will depend on various factors. For one, PEPE will need to expand its user base and community size and “establish practical use cases that resonate with a broad audience.”
Second, the frog-themed meme coin should secure additional support from leading exchanges. Such listings will make PEPE more accessible, increase its liquidity, potentially resulting in a price spike. Recall that its latest uptick was partially fueled by Coinbase and Robinhood, which allowed trading services with the asset.
Regulatory environment, market sentiment, and speculation are the next elements that may play a role (according to ChatGPT).
As of the moment of writing these lines, PEPE’s market capitalization is around $9.1 billion. This means a $45 billion gap between it and the sector’s leader Dogecoin (DOGE).
Price Forecasts
Many market observers believe PEPE could be on the verge of another further rally in the short term. X user Max claimed the slight price retreat observed on November 15 is a “local drop.”
“I think if we got a local drop into the listing price level, we’d see a quick reaction higher. Longs will protect their entry, underwater shorts will close near break even, & token sellers will buy back at this obvious demand spot. Higher soon. Not to worry. The frog is just getting started,” they envisioned.
Scient shared a similar thesis, describing the ongoing situation as a “fakeout correction,” which might be followed by new peaks this weekend.
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