DOGE vs. PEPE: Who Will Outshine the Other in the Next Cycle?

• PEPE’s growth has been impressive, however, its market cap is far below that of DOGE.
• DOGE was overbought but the coin’s retracement may not result in a sharp drop in price.
• PEPE’s momentum was bullish and had a similar EMA trend to that of DOGE.

In the realm of meme coins, a new rivalry is emerging between Dogecoin (DOGE) and Pepe (PEPE), the new token that has spread like wildfire in the market.

While PEPE started trading in April 2023, DOGE has been in existence since 2013. DOGE was created during the period when cryptocurrencies struggled with adoption. However, it wasn’t until the 2021 bull market that the coin gained massive attention as the price skyrocketed. Around this time, several market participants made profits, and Elon Musk repeatedly shilled the coin to the crypto community.

PEPE’s rise was, however, different from that of DOGE. While DOGE’s exponential growth happened during a full-blown bull market, the frog-themed token gained ground when the broader market direction was largely uncertain.

DOGE’s Market Cap Tops PEPE

Irrespective of DOGE’s performance, PEPE’s growth has been faster in terms of market capitalization. Unlike DOGE, which took years before hitting the $1 billion market cap, PEPE only took a few weeks to hit the milestone.

One reason for this was that 391 trillion out of the total 420 trillion PEPE supply was already in circulation. Despite the quick growth, Dogecoin’s market cap remains far ahead of PEPE. In fact, PEPE’s market cap had lost hold on the $1 billion threshold compared to DOGE’s $9.94 billion.

Contrasting Opinions

Popular analyst Miles Deutscher believes that PEPE will outperform DOGE in the next bull cycle. According to him, a large size of market participants were exhausted from holding DOGE. Furthermore, he opined that it could be challenging for DOGE to experience another tremendous rise in the next bull cycle.

Deutscher also added that it was not the case with PEPE, which has fresh holders. However, pseudonymous on-chain analyst Tree of Alpha had a different opinion from Deutscher. In June, when asked about both cryptocurrencies, Tree of Alpha noted that he was bearish on all other meme coins except DOGE.

The Meme Coins Share Common Trends

DOGE’s 4-hour chart showed that bulls have completely taken over at the expense of bears. But in the short term, traders might need to be wary of a retracement. This was because the Relative Strength Index (RSI) has been overbought since it was 71.32. Nonetheless, a DOGE downtrend might not last long due to indications from the Exponential Moving Average (EMA).

At the time of writing, the 20 EMA (blue) crossed over the 50 EMA (yellow) at $0.065. This trend indicates that DOGE still had bullish tendencies irrespective of the RSI display.

Interestingly, PEPE has a trend similar to that of DOGE, based on the EMA. As of this writing, the 20 EMA was also above the 50 EMA, indicating that PEPE could be bullish in the short term.

The Moving Average Convergence Divergence (MACD) also backed the narrative. At press time, the MACD was in the positive region. Also, the orange dynamic line (as seen in the image) was below the blue dynamic line. This indicates that buyers dominated sellers as PEPE built more upward momentum.

In conclusion, both DOGE and PEPE have the potential to grow exponentially. Also, the short-term price action could move upward for both coins. However, PEPE is not guaranteed to flip DOGE or surpass its market cap. As it stands, both assets might remain relevant till the next bull cycle.

Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss