While Dogecoin [DOGE] is currently leading the way during this optimistic phase, other cryptocurrencies like Pepe and FLOKI are also making significant strides. Investors are actively seeking out coins that have the potential to generate profits by the end of the cycle.
Positive Patterns Emerging in Pepe and FLOKI
Both Pepe and FLOKI are displaying bullish pennant patterns on their weekly charts, suggesting the possibility of upward movements after periods of consolidation and narrowing price ranges.
Pepe’s chart demonstrates a consistent formation of higher lows as it approaches the apex of the pennant, indicating a gradual build-up of buying pressure that could lead to a breakout.
Similarly, FLOKI is also showing higher lows, albeit with less pronounced price swings within the pennant, signaling a more gradual accumulation phase.
Pepe appears to have a stronger setup with a more prominent initial spike in volume and price action before entering the pennant.
Analyzing Balances and Adoption Rates
The initial price surge seen in Pepe suggests a more dynamic market response compared to FLOKI, hinting at a potentially stronger breakout potential for Pepe.
While FLOKI has experienced a notable increase in balances among holders with over $10 million,
Pepe seems to be more favored. FLOKI’s balance has grown by 27.58% over the last 30 days, indicating either accumulation or valuation gains according to IntoTheBlock.
Various holder categories for FLOKI have also seen growth, particularly the $1 million to $10 million bracket, which has risen by 4.89%.
On the other hand, Pepe’s new adoption rate has remained relatively stable over the past month, averaging around 30.79%. This rate has ranged from a peak of 33.59% to a low of 26.73% as reported by IntoTheBlock.
Meanwhile, FLOKI’s adoption rate, although stable, has not matched Pepe’s performance. The consistent adoption rate of Pepe, despite price fluctuations, could indicate potential for future price stability or growth.
And the Victor Emerges…
While both Pepe and FLOKI show promise, the market dynamics of Pepe, highlighted by a more pronounced initial spike and higher adoption rates, suggest that it could potentially outshine FLOKI in the upcoming memecoin supercycle.
If current trends persist, those who have underestimated the potential of Pepe may be surprised as it takes the lead in terms of performance.