PEPE vs. WIF- Why the frog has more believers than the hatted dog

• The lagging tokens don’t at all times meet up with the strongest performers.
• Conviction may pay dividends later within the cycle- WIF breaking $4 can rekindle bullish fervor.

Pepe [PEPE] and dogwifhat [WIF] are the third and fourth-biggest memecoins by market capitalization, respectively.

PEPE has $10.2 billion whereas WIF is way smaller at $2.8 billion, which usually signifies that WIF has way more room to run.

But, PEPE has been the one outperforming the hatted canine meme, regardless that each of them are already listed on the most important exchanges and have a fairly sturdy neighborhood.

With Bitcoin [BTC] struggling to climb previous $100k, the meme coin market has taken successful. But, one of many two have carried out extra poorly. Is WIF on target for a sub-par efficiency within the coming weeks?

PEPE has far stronger bullish conviction

Supply: PEPE/USDT on TradingView

After the rally in April and Might, PEPE retraced to the 78.6% degree. Up to now two months, it has burst previous the earlier highs and pushed past the 61.8% extension degree.

It’s on target to succeed in the 100% and 200% extension ranges at $0.00003 and $0.0000438 within the coming months.

After surpassing the $10 billion market cap, its holders have grown stronger of their conviction. That is mirrored by the rising OBV development of the previous few weeks.

The RSI was additionally in overbought territory however doesn’t promise an instantaneous pullback.

WIF struggles to interrupt out previous the consolidation

Supply: WIF/USDT on TradingView

In the meantime, WIF additionally retraced to the 78.6% degree and bounced larger in latest weeks. Nevertheless, its method of its all-time excessive at $4.87 was met with a brutal rejection in mid-November.

Regardless of the setback, each the OBV and RSI continued to development larger.

The optimistic view is that WIF has a whole lot of catching as much as do, and can make extra positive aspects than PEPE, within the latter a part of the Bitcoin [BTC] bull run.

Alternatively, the dearth of energy that dogwifhat exhibited can be an indication of a scarcity of conviction.

Learn Pepe’s [PEPE] Value Prediction 2024-25

As issues stand, it appeared probably that WIF would battle to match PEPE’s positive aspects within the coming weeks. A transfer past $4 could be step one to alter this.

Promoting dogwifhat may seem logical, however throughout bull runs, conviction in a token might be rewarded. When some property resolve to run, they will make up months and years of losses in a couple of quick weeks.

Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion