Pepe (PEPE) is among the best-performing cryptocurrencies of the last year, rallying 787.9% since late July 2023 and 5% over the previous month. The frog-themed memecoin is currently following the market-wide correction, falling 4.3% in the daily charts, 3.1% in the weekly charts, and 3.7% in the last two weeks.
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The latest correction is likely due to Bitcoin (BTC) falling below $67,000, pushed by fears around the US government moving nearly $2 billion worth of BTC. Fears about a sell-off around the Mt. Gox reimbursement have also added to investor fears.
Is Pepe to hit a new all-time high?
According to the analysts at CoinCodex, the frog-themed memecoin will hit a new all-time high in August. The platform forecasts a bullish outlook for the asset over the next few weeks. According to CoinCodex data, Pepe will hit an all-time high of $0.00001725 on Aug. 10, 2024, a rise of about 47.4% from current levels. The platform anticipates the asset to continue rallying throughout this month, hitting $0.00003997 on Aug. 27, 2024. Reaching $0.00003997 from current levels would translate to a rise of about 241.6%.
Changelly analysts also paint a bullish picture for Pepe over the next few weeks. The platform anticipates the asset to hit a new all-time high of $0.00001775 on Aug. 9, 2024. Like CoinCodex, Changelly also predicts the memecoin to breach the $0.00003 mark in August, hitting $0.00003996 on Aug. 27, 2024.
Also Read: Pepe Coin Forecasted To Rise 48% Before July 31, 2024
Pepe has witnessed incredible growth in a very short time. The memecoin has climbed into the top 30 projects by market cap and is slowly inching closer to the top 20. Other memecoins, such as BONK, FLOKI, and POPCAT, have also displayed stellar performances over the last year.