PEPE, the frog theme memecoin, recently saw its price drop after reaching $0.0000172 in late May, it’s now at $0.0000123, with its market cap reduced to $5.25 billion. This downward trend suggests the cryptocurrency market might be entering a phase of correction or consolidation.
Despite the recent dip, renowned crypto analyst Crypto Rover predicts that PEPE is Poised for a 10x increase from its current level.
Pepe Poised for a 10x Surge
Many in the crypto community believe that the PEPE coin has already reached its peak when it hit the $0.0000172. Despite skepticism from some investors, Crypto Rover insists that $PEPE still has room for significant growth.
In a recent tweet, Crypto Rover argued against the idea that it’s too late to invest in PEPE, asserting that the cryptocurrency could still see substantial gains. With a current market cap of $5.25 billion, Rover sees PEPE as undervalued and foresees significant growth ahead.
Despite doubts about its current valuation, Crypto Rover remains optimistic about PEPE’s future. He predicted that in a bullish market, PEPE could easily reach a market cap of $60 billion, representing a 10x increase from its current level.
Considering Crypto Rover’s analysis, a 10x increase from the current level means the PEPE could soon eliminate another zero from its price if the analyst’s prediction comes true.
Venture Capital Firm Buys the Dip
On the other hand, giant institutions are taking advantage of the current price drop by accumulating large amounts of Pepe coins. Nascent, a venture capital firm, seized this opportunity by purchasing 447.67 billion PEPE tokens worth about $5.48 million from Binance.
This strategic move has already resulted in a 4.8% unrealized profit, amounting to $262,000, showcasing the firm’s confidence in the token’s potential rebound.
With this acquisition, PEPE has become the leading asset in Nascent’s portfolio, generating an estimated total profit of $2.45 million, reflecting a 248% increase.
