The world of meme coins is abuzz with chatter surrounding PEPE, an Ethereum-based token vying to dethrone Shiba Inu (SHIB) as the second-largest meme coin by market capitalization.
According to market data analysts Whale Insider, PEPE currently sits at $0.00001255, needing just a 2x price increase to surpass SHIB’s $0.00001755. This news has ignited excitement within the crypto community, with many speculating on PEPE’s potential to pull off a historic flip.
Should PEPE reach SHIB’s market cap, its price would see a significant jump to $0.00002457, a nearly 200% increase. Currently, PEPE boasts a market cap of $5.26 billion, roughly half of SHIB‘s $10.3 billion.
Whale Insider’s report highlights PEPE’s meteoric rise in the crypto market, attracting the attention of both market participants and ardent supporters. Comments across social media platforms laud PEPE’s impressive trajectory, hinting at even greater growth to come. This sentiment underscores a widespread belief that PEPE’s recent gains might be just the first chapter in a captivating story.
Looking at a 24-hour price comparison between PEPE and SHIB on CoinMarketCap reveals a period of higher volatility for PEPE. The chart shows sharper drops and recoveries for PEPE compared to SHIB’s steadier performance. Both coins initially dipped around 4:00 AM before exhibiting signs of recovery. PEPE displayed more pronounced peaks and troughs throughout the day, ultimately ending slightly above its previous low. SHIB, on the other hand, exhibited a more stable recovery.
Interestingly, data from early June suggests a surge in interest for the coin, surpassing established players like XRP and even SHIB in terms of trading volume. During that period, PEPE achieved a remarkable 30-day trading volume exceeding $41 billion, with a staggering 2.86 quadrillion PEPE tokens traded.
Whether the coin can maintain its momentum and dethrone SHIB remains to be seen. However, the recent developments paint a picture of a rapidly growing meme coin with a passionate community behind it. The coming days and weeks will be crucial in determining if the coin can solidify its position as a major player in the ever-evolving meme coin landscape.