Crypto analyst Rexha has drawn a compelling parallel between the current meme coin cycle and the historic 2021–2022 bull run, positioning PEPE as the potential successor to Shiba Inu's legendary performance. In a detailed analysis shared on X (formerly Twitter), Rexha explained that following Dogecoin's initial 36,000% rally, Shiba Inu delivered an explosive surge of over 1,000,000%, setting a new benchmark for meme coin mania. Investors are now actively searching for the next token to replicate such gains, with consensus building around PEPE.
The analyst outlined a cyclical pattern in trader behavior. After the massive rallies of Dogecoin and Shiba Inu on the Ethereum blockchain in 2021, attention shifted to "cheaper" chains like BNB Chain in pursuit of the next big runner. This migration, however, led to a proliferation of scams, epitomized by projects like SAFEMOON. As these fraudulent schemes collapsed, leaving traders as exit liquidity, focus returned to the original, more established meme coins, which were perceived as safer bets.
Rexha argues that this cycle is repeating. PEPE initiated the current meme coin season with a significant pump on Ethereum. Subsequently, traders flocked to the Solana blockchain, attracted by its low fees and high speed, leading to a surge of activity on platforms like PumpFun. However, the analyst notes that the Solana "trenches" have now largely died out as liquidity was drained. He predicts a "Return to Quality," with capital flowing back to the Ethereum-based meme coin that started the trend: PEPE.
Rexha forecasts that PEPE's anticipated second major run could mirror Shiba Inu's second run in scale and impact. He cautions, however, that this potential PEPE rally may lure traders back into speculative plays on other chains (e.g., a hypothetical "PumpFun V2"), which he labels a "Final Extraction" event—a last opportunity for liquidity exit before a potential downturn. Traders are advised to exercise extreme caution.
Concurrently, PEPE's price action shows signs of a potential technical reversal. The token is trading near $0.00000338, down 1.55% in 24 hours, but is holding a key support level. On the 3-day chart, PEPE is forming a falling wedge pattern—a typically bullish reversal structure. A confirmed breakout above the wedge's upper trendline could project a rally toward $0.000016, based on the pattern's height. Momentum indicators like the RSI (at 46.53) and MACD (showing convergence and a slightly positive histogram) suggest bearish pressure is weakening, hinting at a possible recovery if buying strength increases.
