Who will Come out on Top in 2023?

On Jun 23, 2023

Memecoins such as Dogecoin (DOGE), Shiba Inu (SHIB), Floki (FLOKI), and Pepe Coin (PEPE) made the best out of the crypto market rally yesterday. However, most of the assets are currently in correction. PEPE, on the other hand, continues to make gains, with a rally of 3.5% in the daily charts. Moreover, the token is up by 65% over the previous week.

DOGE is the original memecoin, while PEPE is the newest memecoin in the block. The two have been tussling it out in the markets, but which will come out on top in 2023? Let’s find out…

Dogecoin vs. Pepe

According to crypto analyst Miles Deutscher, Pepe Coin (PEPE) will emerge victorious. Deutscher cited the “underwater thesis” to support his belief. According to this theory, a lesser number of Pepe Coin (PEPE) holders are currently sitting on losses compared to Dogecoin (DOGE). According to IntotheBlock, 35% of PEPE holders are currently underwater, while 49% are in profit. Meanwhile, for DOGE, 51.74% of holders are currently at a loss, while 40.67% are in profit. Because less number of PEPE holders are at a loss, Deutscher figured that there will be less selling pressure. Moreover, Deutscher pointed to PEPE needing less liquidity entry to move prices, as compared to DOGE.

I think $PEPE outperforms $DOGE next cycle.
Why?
• The Underwater Thesis: Less PEPE holders underwater vs DOGE, meaning less sell pressure on the way up + lower multiples to reach previous ATH (2.8x vs 12x).
• People are more fatigued with the DOGE meme, Pepe feels fresher…
— Miles Deutscher (@milesdeutscher) June 23, 2023

However, not everyone shared Deutscher’s views. The contrary hypothesis is held by well-known analyst “Tree_of_Alpha“. In the upcoming cycle, he predicted that DOGE investors will make greater returns than PEPE holders. When the copycats are no longer the flavor of the month, the expert contends that there is no justification for investing in any of them.

Although Pepe (PEPE) has had a higher return of late, Dogecoin (DOGE) has the advantage of being around for far longer. Moreover, PEPE does not have as much adoption or acceptance as DOGE. Moreover, DOGE has a lot more liquidity, therefore will not likely face a run.

At press time, DOGE was trading at $0.066190, down by 3.1% in the last 24 hours. On the other hand, PEPE was trading at $0.00000155, up 3.5% in the same timeframe.

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