Meme coins in the cryptocurrency market continue to draw substantial interest due to their potential for significant short-term gains. Leading the meme coin market are DOGE and SHIB, followed by notable tokens like PEPE, WIF, and others that have shown impressive increases. Amid these developments, analysts suggest that meme coins might be on the verge of a resurgence after recent declines, with PEPE and another meme coin, POPCAT, under close scrutiny.
Will PEPE’s Price Rise?
A prominent market analyst, known for insightful commentary on altcoins, has highlighted a potential major rally for Pepe (PEPE) and another meme coin. The analyst, Bluntz, shared with his followers on social media platform X that PEPE might be gearing up for a five-wave upward movement. According to Bluntz, this scenario is based on the Elliott Wave theory, which includes the often-mentioned ABC correction. He believes the ABC correction for PEPE is complete, and a new price movement towards $0.0000145 may be imminent.
At the time of writing, PEPE was trading at $0.00001255, reflecting a 1.8% decrease over the last 24 hours. Despite the drop, PEPE’s market cap remains at $5.3 billion, securing its position as the third-largest meme coin. The 24-hour trading volume stood at $736 million, down by 29.5%.
Current Status of Solana-Based Meme Coin POPCAT
Following PEPE, the analyst also examined Popcat (POPCAT), a meme coin based on Solana (SOL), which he believes has completed a similar correction. Bluntz noted that POPCAT is experiencing a strong rebound from its lows, showing a daily five-wave uptrend and a significant recovery from the ABC correction phase.
Bluntz compared POPCAT’s current chart to the price movement of another notable meme coin, WIF, before it reached its all-time high in March. This resemblance suggests that POPCAT might follow a similar upward trajectory.
Bluntz’s analysis hints at a broader revival of meme coins, indicating that these digital assets could be making a notable comeback in the cryptocurrency market.