I increasingly feel that $PEPE has a chance to become $DOGE in this cycle.
First, let’s look back at DOGE’s performance in the previous cycle:
2021 ATH: $95 billion
2022 bear market low: $6.7 billion
2024 interim high: $70 billion
Even as an established meme coin, DOGE still managed to rise nearly 10x from its bear market low.
Now let’s look at PEPE:
2024 ATH: $11 billion
2026 interim low: $1 billion
Next cycle: how much upside could there be?
In my view, PEPE’s current position has a lot in common with DOGE’s during the previous cycle.
It’s long past the point of being a new meme coin that needs to prove itself to the market. Its name recognition, community size, and market consensus are already established, and it has been through a full market cycle. After the bear market, it’s still in the game.
More importantly, PEPE’s current market cap is far below DOGE’s at the time. While market cap growth doesn’t mean an equivalent proportion of capital needs to flow in, PEPE does have greater potential for volatility and upside.
Its recent market performance is also worth noting. Even as the broader market has faced repeated pressure, PEPE has shown some relative strength.
If that strength continues, PEPE could outperform many people’s expectations when the market truly enters a phase of broad-based recovery in risk appetite.
First, let’s look back at DOGE’s performance in the previous cycle:
2021 ATH: $95 billion
2022 bear market low: $6.7 billion
2024 interim high: $70 billion
Even as an established meme coin, DOGE still managed to rise nearly 10x from its bear market low.
Now let’s look at PEPE:
2024 ATH: $11 billion
2026 interim low: $1 billion
Next cycle: how much upside could there be?
In my view, PEPE’s current position has a lot in common with DOGE’s during the previous cycle.
It’s long past the point of being a new meme coin that needs to prove itself to the market. Its name recognition, community size, and market consensus are already established, and it has been through a full market cycle. After the bear market, it’s still in the game.
More importantly, PEPE’s current market cap is far below DOGE’s at the time. While market cap growth doesn’t mean an equivalent proportion of capital needs to flow in, PEPE does have greater potential for volatility and upside.
Its recent market performance is also worth noting. Even as the broader market has faced repeated pressure, PEPE has shown some relative strength.
If that strength continues, PEPE could outperform many people’s expectations when the market truly enters a phase of broad-based recovery in risk appetite.
