Pepe Coin has become one of the most talked about altcoin projects in the crypto market right now. The token has been on the market for less than a month. However, it performed astonishingly. Meanwhile, it turned out that this token surprisingly exhibits almost exactly one-to-one price patterns, even though it has nothing to do with Bitcoin.
Pepe Coin vs Bitcoin is surprising
As you follow on Kriptokoin.com, Pepe Coin has quickly become one of the biggest meme coins. It’s also leading to more meme token waves of all kinds. Just as Dogecoin is associated with the Doge meme, in case you didn’t understand the name, this is a crypto inspired by Pepe the Frog created by Matt Furie.
Anyone who has invested in Pepe Coin in the past few weeks is “feeling good, man.” Because the price of meme coin has increased by over 2,500% in the last 14 days. This is a high rate even by cryptocurrency standards. At this point, most of the holders’ supply is substantially in profit. However, if the Bitcoin chart is an indicator of what will happen in the future, it may be possible to make a serious profit in the future. In the comparison below, we put the 4-hour chart of PEPE/USDC against the weekly chart of BTC/USD. The chart on the left shows two weeks of price action. The graph on the right shows four full years. Yet they have an extremely similar appearance.
Bitcoin vs. the frog king of memes / PEPE/USDC / Source: TradingViewComment on the unusual Bitcoin vs PEPE comparison
Crypto analyst Tony “The Bull” makes the following statements. According to Elliott Wave Theory, markets are fractal. Therefore, it creates repetitive patterns that are similar to each other over various time periods. Simply put, the same price action and behavior can be seen on the hourly or 4-hour chart as well as on a much higher time frame.
The study is based on mass crowd behavior and human psychology. In particular, he focuses on how this can create clearly identifiable turning points in financial markets. It’s possible that the two graphs being so similar are due to the same kind of speculative behavior. More importantly, if the comparison is correct for the reasons discussed, it shows that Pepe Coin will soon make some profit and make a correction. Of course, the meme coin’s work is not finished yet. It’s also possible that anyone selling now is a very, very sad frog.
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