A widely followed crypto analyst is expressing short-term bullishness on one Dogecoin (DOGE) and Shiba Inu (SHIB) rival after the memecoin corrected heavily following a months-long rally.
Pseudonymous crypto analyst Kaleo tells his 586,200 Twitter followers that the third-largest memecoin by market cap, Pepe (PEPE), still possesses more upside potential.
According to Kaleo, the Pepe memecoin has gone on to hit new all-time highs since it went mainstream last month every time it has crossed above a descending trend line on the one-hour chart.
“I don’t know man, maybe PEPE still has something left in the tank.
Another meme line broken for the current king of the memes.”
Pepe, which is trading at $0.00000194 at time of writing, is up by 2,486% from the April 18th low of $0.000000075.
Kaleo, however, warns that most memecoins tend to lose value over time and are therefore not suitable as long-term investments.
“Whether you like to hear it or not – the majority of meme coins will trend to zero.
This goes for all alts, but the life cycle of a meme coin typically happens over a compressed time period. Aka pump faster, dump faster.
If you’re cool with that, no big deal. I respect that. Just don’t say you’re ‘in it for the long haul’ on some random meme – because there’s no quicker way to spot someone who is either completely delusional, or completely full of shit.”
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The post Dogecoin and Shiba Inu Rival That’s Up Over 2,400% in a Month Has More Gas in the Tank, According to Top Trader appeared first on The Daily Hodl.