Pepe [PEPE] and dogwifhat [WIF] rank as the third and fourth largest memecoins based on market capitalization, respectively.
While PEPE boasts a market cap of $10.2 billion, WIF lags behind significantly at $2.8 billion, indicating that there is more growth potential for WIF in the future.
Interestingly, PEPE has been the winner in the showdown between the frog and the hatted dog memes, despite both coins being well-represented on major exchanges with active communities.
With the challenges faced by Bitcoin [BTC] in surpassing $100k, the memecoin market has experienced some turbulence. However, one of these coins has shown stronger performance. Is WIF facing a period of underperformance in the near future?
Pepe’s Resilient Bullish Trend
Following a surge in April and May, PEPE retraced to the 78.6% level before making an impressive comeback, surpassing previous peaks and extending beyond the 61.8% level.
There are optimistic projections that PEPE is set to hit the 100% and 200% extension levels at $0.00003 and $0.0000438, respectively, in the upcoming months.
With a market cap surpassing $10 billion, the holders of PEPE have shown unwavering conviction, evident in the upward trend of the On-Balance Volume in recent weeks.
Although the Relative Strength Index (RSI) signaled overbought conditions, there are no immediate indications of a correction in sight.
Challenges in WIF’s Breakout
Meanwhile, WIF retraced to the 78.6% level before rallying in recent weeks. Despite its upward momentum, reaching its all-time high at $4.87 proved to be a formidable hurdle in mid-November.
Both the On-Balance Volume (OBV) and RSI exhibited positive trends, hinting at potential future gains for WIF, especially in the latter stages of the Bitcoin [BTC] bull market.
However, the lackluster performance of dogwifhat raises concerns about the coin’s conviction and strength in the market.
Considering the current scenario, it seems that WIF may struggle to match the stellar performance of PEPE in the upcoming weeks. A breakthrough past $4 could be a crucial turning point for WIF.
While selling WIF might seem like a rational choice, it’s important to note that during bullish phases, strong conviction in a token can yield significant rewards. Assets that gain momentum during these periods can offset previous losses rapidly.
Disclaimer: The opinions expressed in this article are personal and should not be considered as financial, trading, or investment advice.