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Dogecoin v. PEPE: Analyst Makes Bet on Long-term Winner

Fri, 06/23/2023 - 12:49
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Godfrey Benjamin
Crypto analyst Miles Deutscher weighs in on PEPE v. DOGE debate
Dogecoin v. PEPE: Analyst Makes Bet on Long-term Winner
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The crypto ecosystem experienced a promising upsurge this week as Bitcoin retested the $30,000 price level for the first time since April. While the majority of altcoins are seeing a revival in their price actions, meme coins, including Dogecoin (DOGE) and PEPE, have been on the radar of most traders. Analyst Miles Deutscher set out to compare which of the two meme coins will be better off in the long term.

DOGE v. PEPE comparison

According to Miles, PEPE has an advantage over Dogecoin in the long term. He cited the Underwater Thesis, which posits that a smaller number of PEPE holders are underwater than DOGE holders. This implies that for PEPE, there will be lower selling pressure as the price rises in the near future.

Also, PEPE has a lower multiple to reach the previous ATH, which is just about 2.8x, while the multiple to retest its ATH for Dogecoin is roughly about 12x. Miles' analysis also highlighted the fact that investors are typically fatigued with the DOGE meme and consider the frog theme associated with PEPE fresher and more intriguing.

While this might not mean much, in reality, Miles noted that there is about a 14x discrepancy in terms of market capitalization. This implies that PEPE generally requires less liquidity to move its price upward when compared to Dogecoin.

SHIB and DOGE's Scale Leaves PEPE's Peak in Dust

Meme coin relevance: Place of SHIB

While Miles' analysis focuses on just PEPE and DOGE, Shiba Inu (SHIB) is also a meme coin to reckon with at this time. While SHIB also features a DOGE theme that Miles claims investors might be tired of, the protocol has diversified its relevance with the development and launch of the Shibarium protocol.

While the likelihood of PEPE and DOGE growth in the near term is largely based on speculation, any potential growth in SHIB will hinge on its new utility.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.