- Many people within the Pepe coin community expect the token to get to the price range of $1.
- But the analysis and data show it is quite impossible to achieve this.
Immediately after this token launched sometime in April this year, it had a very wild run. In fact, it was the face of the crypto industry at one time before the massive decline. But the big question is, can Pepe token get to $1?
Expectations of Pepe Token Reaching $1
- The Pepe token isn’t a real cryptocurrency. Instead, it is a meme coin or a joke crypto created to make fun of other established cryptocurrencies like Bitcoin, Ethereum, and the rest. Since it is not a serious cryptocurrency, it was just made for fun and is a kind of experiment. In other words, the developers of this token don’t have any serious plan for it.
- Nevertheless, Pepe built a large following and investors despite launching around April this year. Now, the fans of the Pepe token wonder. Can this meme coin ever reach $1? What are the chances?
What Are the Chances of Pepe Reaching $1?
- Many factors come in place to determine if the Pepe token will ever get to the $1 price range. Apparently, the two major factors here are the market capitalization and its demand and supply. The market cap of any cryptocurrency is the total value or worth of the whole crypto ecosystem. To calculate the market cap of a crypto, you multiply the price and the supply. At the time of writing, Pepe’s market cap is just over $300 million.
- This implies that if the Pepe token ever gets to $1, the market cap needs to be the same as the supply. The total supply of Pepe is approximately 420 trillion. So, if Pepe should ever get to $1, that means the market cap will stand at $420 trillion. This is hard and can’t happen. Assuming Pepe has this market cap, it will be more than 4 times the size of the global economy. Factors like this are what reduce the chances of getting to $1.
Can the Pepe Token Reach $1?
- It is very important to note that it is almost impossible for the Pepe token to ever get to $1. Apparently, many of the metrics and the correlation to Pepe are very negative towards the $1 price range. The major one standing in the way is the market cap correlation with the price.
- We already said Pepe token total supply and the market cap can’t take the meme coin to $1. So, to answer the question, Pepe can’t reach $1 except for a miracle.
Conclusion
The Pepe token speedily built a large following after a few months of getting launched in the crypto market. Among the investors and community members, many of them still believe that the Pepe token can still get to $1. However, many factors, such as the market cap correlation with the supply, don’t support getting to $1.
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Featured image from Pepe.io
