DigiToads, Pepe Coin set to rally in 2023, analysts say
TOADS is expected to offer investors a 10x price increment, while PEPE has surged by 10 percent in the past 48 hours, adding to its already impressive weekly surge of 63 percent. This puts Pepe as the second-best performer of the week after Bitcoin Cash.
TOADS is a digital asset built on the Ethereum blockchain that combines the popularity of non-fungible tokens (NFTs) with meme culture. Its collection of digital toad-themed NFTs has garnered a dedicated following, serving as collectibles and providing utility within the DigiToads ecosystem. Transparency and immutability are ensured through the decentralized nature of the blockchain.
As the demand for NFTs continues to surge, analysts predict a significant increase in the value of TOADS tokens, potentially reaching a 10x price growth. The ongoing presale of TOADS has already raised over $5.6 million, attracting investors who can join the rally using coins like BNB, BTC, and USDT.
Similarly, the PEPE coin draws inspiration from the viral Pepe the Frog meme, leveraging the power of memes as a means of communication and value creation. Its passionate community and growing interest in cryptocurrencies position PEPE as a contender for substantial price appreciation in 2023.
While DigiToads and Pepe Coin have generated excitement and interest, analysts warn that potential price rallies should be evaluated alongside thorough research into the projects’ fundamentals and market conditions.
It’s important to cautiously approach price predictions and investment decisions in the volatile cryptocurrency market. Factors such as adoption, community support, utility, and market conditions may play significant roles in determining the success of a cryptocurrency.
PEPE’s staying power
PEPE’s initial surge occurred in April, with its price skyrocketing from $0.00000033 to $0.0000037 within two weeks. However, profit-taking led to its subsequent decline. More recently, PEPE experienced a renewed spike as both whales and retail investors showed interest in the token.
CrytoPurity used the jailbreak method to get a different perspective and asked ChatGPT about PEPE’s liquidity. ChatGPT’s response to the liquidity question revealed two contrasting viewpoints. While it modestly acknowledged factors affecting PEPE’s contribution, its jailbroken response described PEPE’s liquidity as “eternal.”
However, this enthusiasm may not align with the current state of the crypto market. PEPE’s liquidity, while notable, still falls short of tokens like Shiba Inu (SHIB) and Dogecoin (DOGE).
Analyzing PEPE’s volume, LunarCrush reported a 179.7 percent increase in its 24-hour trading volume, indicating stable liquidity and a typical trading frequency for the token. However, social dominance, which measures the share of conversation around an asset, revealed a decline in PEPE’s reign compared to other assets.
When asked about PEPE’s price potential in the next bull run, ChatGPT highlighted the challenges of making price predictions. Its jailbroken answer suggested that PEPE’s performance might exceed a 2,000 percent increase. However, technical indicators and market analysis provided a more nuanced perspective.
Examining the four-hour PEPE/USD chart, the Know Sure Thing (KST) indicator indicated a falling positive trend, suggesting a potential slowdown in the token’s upward momentum in the short term.
On a more positive note, the Exponential Moving Average (EMA) analysis revealed a golden cross, with the 50 EMA crossing over the 200 EMA. This crossover indicated the possibility of a new uptrend for PEPE, contingent on overall market participation and bullish control over selling pressure.
Crypto analyst Michaël van de Poppe suggested that PEPE could experience another rally in the future, with a possible support level at $0.00000135. The increase in PEPE’s total holder count aligned with the long-term bullish sentiment surrounding the token.
Short-term sentiment analysis indicated pessimism among market participants, as reflected by the negative weighted sentiment. However, it’s important to note that sentiment can quickly change, and multiple factors should be considered when making investment decisions when investing or choosing a crypto exchange.
