In the world of meme coins, a new debate is brewing. Crypto analyst Miles Deutscher recently took to Twitter to share his prediction that Pepe (PEPE), a meme coin based on the cartoon character “Pepe the Frog,” could outperform Dogecoin (DOGE) in the next cycle.

Deutscher’s argument is based on three key points. First, he introduces the “Underwater Thesis,” suggesting that fewer PEPE holders are underwater compared to DOGE. This could mean less sell pressure on the way up and lower multiples needed to reach the previous all-time high (2.8x for PEPE versus 12x for DOGE).

Second, Deutscher believes that the DOGE meme has lost some of its appeal, while Pepe feels fresher and more organically liked as a meme. Lastly, he points out the 14x discrepancy in market cap between the two coins, indicating that less liquidity would need to enter PEPE to move its price compared to DOGE.

Both Gemini and Binance Research have provided similar descriptions of PEPE. Launched in April 2023 with no presale and zero transaction taxes, PEPE was created by an anonymous team and has no utility.

As of May 5th, 2023, the total token supply of PEPE is 420,690,000,000,000, with a circulating supply of 391,790,000,000,000, which is approximately 93% of the total token supply.

However, not everyone agrees with Deutscher’s prediction. Pseudonymous crypto analyst “Tree of Alpha” expressed a bearish outlook on all meme coins trading against DOGE. In his view, DOGE is the original meme coin, and he sees no reason to be long on any copycats like SHIB, PEPE, and FLOKI when they’re not the month’s flavor anymore. He believes these coins are all bound to trend to zero on the DOGE ratio.

The debate between PEPE and DOGE highlights meme coins’ unpredictable and speculative nature. As the crypto market prepares for the next cycle, it will be interesting to see which meme coin comes out on top.