Memecoins
Shiba Inu, Dogecoin left behind: will PEPE be the new king of memecoins?
- PEPE price and volume exploded, posting higher numbers than SHIB and DOGE.
- Two traders posted in support of the frog-themed memecoin over the other two.
As prices of meme coins have skyrocketed in the past 24 hours, their volumes have also increased, AMBCrypto found. However, information gathered from the surge suggested that a new sheriff might soon be in town.
And this may not be like the old guards Shiba Inu [SHIB] AND Dogemoneta [DOGE].
Instead, frog themed Pepper [PEPE] he may soon become the leader of the “school of memes”. According to data from Santiment, SHIB’s volume reached $1.15 billion.
The trading volume shows a clear difference
Dogecoin has more than double that at $2.65 billion. But PEPE, which is at least three times younger than the other two, recorded a staggering $3.44 billion in volume over the same period.
Source: Santimento
Volume is an important metric that shows the level of market activity of a cryptocurrency. From the chart above, it was obvious that Shiba Inu and DOGE could not attract PEPE’s level of liquidity.
An appropriate inference in a case like this is that market participants have shown more interest in PEPE compared to Dogecoin and SHIB. The proof of this is also reflected in the price.
In the last 24 hours, the price of PEPE has increased by as much as 34.50%. DOGE recorded a 13.49% increase, while SHIB recorded a 9.72% jump.
On a yearly basis (YTD), Dogecoin and Shiba Inu prices they did not increase by 2x. But the value of PEPE had increased by almost 8x.
Is it worth betting on the frog?
Well, it can be argued that memecoin has a much lower market capitalization, offering it room to grow. But if the token were to sustain this momentum as the bull cycle continues, it could reverse SHIB or DOGE, or both.
At the time of writing, Dogecoin’s market capitalization was $24.33 billion, while Shiba Inu’s was $15.16 billion. For Pepe, AMBCrypto noted that the market capitalization was $5.09 billion.
Source: Santimento
A look at the three showed that their respective total supply was in circulation, indicating that additional coins or tokens may not have been added to the circulating supply.
If this is the case, PEPE’s price must reach $0.00003666 for the token to reach SHIB’s market capitalization. For the token match with Dogecoin, its price must rise to $0.00005903.
However, this would only happen if DOGE and SHIB prices remained stagnant, which seems impossible. But Hsaka, a trader under an alias, shared on cryptic post on X (formerly Twitter).
Light Pepe’s [PEPE] Price forecast 2024-2025
He suggested that PEPE overturn SHIB.
Another trader, JamesonEth, said PEPE is preparing for a similar rise to DOGE in 2021. he wrote,
“It is only a matter of time before a HUGE CANDLE appears absolutely DECIMATING both shorts and bears. It is clear to me that PEPE is the chosen alternative of this cycle and will outperform everything else.”