Pepe Coin, a popular frog-based cryptocurrency, has recently seen a surge in its price, with higher and lower highs being formed. Despite the current pessimistic market sentiment surrounding this meme coin, an analyst has forecasted a substantial 66% crash for the asset in the month of October. The prediction of this downturn comes as discussions about a potential memecoin supercycle resurface, hinting at the possibility of PEPE reaching new price highs.
Financial analyst Alan Santana has diverged from the prevailing market sentiment by anticipating a decline in the value of PEPE in October. Santana’s analysis suggests a shift in the coin’s price action towards a bearish trend following a previous bullish wave that lasted 55 days. He expects this bearish phase to persist for a duration of 22 to 27 days, potentially leading to a substantial downward movement in the asset’s price.
Furthermore, Santana predicts that the negative trend in Pepe Coin’s price might extend beyond the crash experienced on August 5th, affecting the broader cryptocurrency market similarly to how the previous uptrend influenced other assets. Despite these bearish projections, Pepe’s current price has shown a slight increase of 1.2% in the last 24 hours, trading at $0.00000971. On a different note, the concept of a ‘meme coin supercycle’ has captured the attention of the crypto community, with analyst Murad Mahmudov highlighting the potential for meme coins to experience significant growth fueled by strong community support.
Projects like Shiba Inu, Dogecoin, and Pepe Coin have all benefited from dedicated followings, with the latter seeing a slight increase in holders over the last 24 hours. Mahmudov also pointed out the success of projects like Pump.fun and Polymarket, emphasizing the role of community engagement in driving meme coin projects to success.