PEPE Price Reaches New All-Time High – Will FLOKI Follow?
Will FLOKI Follow PEPE's Lead? | Credit: Hameem Sarwar
Key Takeaways
- PEPE and FLOKI are leading the price action for the four biggest Ethereum memecoins.
- The divide between them and DOGE and SHIB is accentuated in the recovery since April 14.
- Since PEPE already reached a new all-time high, will FLOKI mirror its movement and do the same?
The memecoin sector has been the best performing one in 2024, leaving behind other promising sectors such as gaming and AI tokens. In the previous bullish cycle, the dominant memecoins were part of the Ethereum ecosystem. In the current one, Solana memecoins are attempting to take Ethereum’s throne.
Specifically analyzing Ethereum memecoins, it seems that newer creations such as FLOKI and PEPE are the ones leading the charge, leaving more established ones such as DOGE and SHIB behind. Regarding FLOKI and PEPE, the latter has been leading the upward trend, but FLOKI could soon make a charge and start catching up.
PEPE Reaches New All-Time High
The PEPE price recovered admirably after the March correction. It started a new upward movement on April 13 and has increased rapidly since. The increase culminated with a new all-time high price of $0.0000174 on May 27.
However, the price has fallen since, and it is possible the five-wave increase has ended. The reason for this is that the high has been made inside a likely area for a top between $0.0000150$-.0000175. The 1.61 external Fibonacci retracement of wave four (black) creates the lower limit of this range. The upper limit is created by giving wave five the same length as waves one and three combined.
If the count is accurate, the PEPE increase has ended, and the price will correct to the closest support at $0.0000120.
On the flip side, a close above the $0.0000174 will mean wave five has extended. In that case, PEPE can increase to the next resistance at $0.0000257. The target is created by giving wave five 1.61 times the length of waves one and three combined.
Can FLOKI Follow in its Footsteps?
The FLOKI price movement is nearly identical to that of PEPE, with the only exception being that FLOKI is lagging behind. Since October 2023, FLOKI has been in the midst of an upward movement that could take it to a new all-time high price.
If so, the price started wave five on April 13 and has a possible target of $0.000436. The 1.61 external Fibonacci retracement of wave four creates the target.
FLOKI barely failed to reach a new all-time high on May 28 and has fallen slightly since.
Analyzing the prices of FLOKI and PEPE side-by-side implies FLOKI is in a similar stage to PEPE before the latter reached its all-time high. PEPE broke out above its main horizontal resistance area, then briefly fell below it, only to bounce at an ascending support trend line (red circle) and begin an upward trend.
Similarly, FLOKI briefly moved above its main horizontal resistance area only to fall below it shortly afterward. If it mirrors PEPE’s price, FLOKI will bounce at its ascending support trend line (blue circle), bounce, and eventually reach a new all-time high.
So, if the similarities persist, FLOKI will break out above its main resistance soon and increase toward a new all-time high.
PEPE Completes Correction
The daily time frame chart shows that PEPE has fallen inside a descending parallel channel since its high of $0.0000108 on March 14. The decrease led to a low of $0.0000039 on April 13.
The fact that the decrease was perfectly inside the channel suggests the decrease is part of an A-B-C corrective structure (black). In the bigger picture, the wave count suggests it marked wave four in a five-wave upward movement (white).
The PEPE price has increased significantly since its bottom (green icon). PEPE broke out from the channel yesterday and is now attempting to validate it as support (green circle).
The most likely target for the top of the increase is between $0.0000150-$0.0000175. The target is found by the 1.61 external Fibonacci retracement of wave four (black) and by giving wave five the same length as waves one and three combined (white).
FLOKI Price Attempts Breakout From Channel
The FLOKI price action and wave count is almost a carbon copy of PEPE. FLOKI has completed an A-B-C correction since March 14, in what is likely wave four (white). Currently, FLOKI attempts to break out from its own descending parallel channel (red icon). Doing so will confirm wave five is underway.
The main difference between the price movement of the two is that while PEPE has already broken out from its channel, FLOKI still attempts to do so. In context of their future movement, this could cause PEPE to be the one to take the reins and reach a new yearly high first.
If the price breaks out, a likely target for the top of the upward movement is at $0.00043. The 1.61 external Fibonacci retracement of wave four creates the target. If reached, it will mark a new yearly high.
Who is Leading Ethereum Memecoins?
Previously, we noted that in the current memecoin bullish cycle, FLOKI and PEPE are replacing DOGE and SHIB as the dominant memecoins despite their smaller market caps. This holds true when analyzing the movement in 2024.
Since the start of the year, PEPE (orange) has increased by 420% while FLOKI (red) by 400%. In contrast, SHIB (white) and DOGE (blue) have increased by 133% and 63%, respectively.
While the shape of the movement has been nearly identical, the magnitude of the PEPE & FLOKI increases is much larger. Additionally, the new memecoins have been the first to move, followed by SHIB & DOGE.
The trend has held even in the short-term recovery. All four memecoins reached a bottom in 2024, but they have recovered at a very different rate. PEPE has increased by 55% since the low, followed by FLOKI at 46%.
On the other hand, SHIB has increased by 23%, while DOGE by only 5%.
So, the performance of the four Ethereum memecoins confirms that FLOKI and PEPE have replaced SHIB and DOGE as the dominant memecoins this cycle. This holds true when analyzing the performance in 2024 and the recovery from the recent dip.
PEPE Reaches New All-Time High, FLOKI is next
The notable PEPE and FLOKI price increases in both the entirety of 2024 and since April 14 suggest they are the two memecoins leading the Ethereum ecosystem. Since PEPE reached a new all-time high, FLOKI is likely follow in its footsteps.
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