Can PEPE outshine Shiba Inu and Dogecoin in the short term

• OKX announced the listing of PEPE on 1 May 2023.
• PEPE was up by over 23% in the last 24 hours and metrics were bullish. 

Pepe [PEPE], the latest major player in the memecoin sector, has been a quick achiever. Just a few weeks after its launch, the token entered the list of the top 100 cryptos by market capitalization on Coingecko. 

 Realistic or not, here’s PEPE market cap in BTC terms

At press time, it sat on the 84th spot after registering a more than 300% price hike in the last seven days. As per Coingecko’s data, PEPE was up by more than 23% in the last 24 hours and was trading at $0.00000128 with a market capitalization of more than $539 million.

The hype around PEPE doesn’t seem to be dying anytime soon; major exchanges have announced its listing. The latest one was OKX, which announced the listing of the coin on its spot trading market. Reportedly, PEPE/USDT trading began on 1 May, and PEPE withdrawals will open on 2 May.

PEPE made whales richer

DeFi Mochi, a popular Twitter handle that posts insights about DeFi, highlighted in a recent tweet how several whales churned huge profits from PEPE’s rise. The tweet also discussed a wallet that bought PEPE worth over $217,000 at an average price of $0.000000259.

Over the course of the following two weeks, the wallet generated a whopping profit of nearly $1.5 million. Another wallet bought the token with $223,000 in volume at $0.000000235 and later churned out a profit of $937,573.

PEPE’s impact might be larger than this

Meanwhile, a popular Twitter handle by the name of Eric Cryptoman pointed out an interesting possibility that can help the global crypto market grow further. As per his tweet, memecoins serve as an anchor that lures new investors into the market. 

Several new investors start their crypto investment journey with memecoins and later expand their portfolios. Therefore, considering the hype around PEPE and the milestones it has achieved, it can be said that the future of meme coins looks bright, at the moment.  

The market is confident

A look at Santiment’s chart revealed that the crypto market’s hopes for PEPE remained high. The memecoin’s weighted sentiments metric went up, implying positive opinions about the token were dominant.

Its social volume was also high, which somewhat hinted at the token’s increasing popularity. LunarCrush’s data pointed out that the coin’s bullish sentiment increased considerably over the last week.

Source: Santiment

How much are 1,10,100 PEPEs worth today?

On the other hand, the memecoin’s exchange outflow spiked substantially, indicating increased buying pressure. More new addresses were used to transfer the token, as was evident from the network growth metric.

PEPE’s daily active addresses have also increased lately. Considering the aforementioned metrics, along with PEPE’s high 1-week price volatility, the possibility of a further price uptick seemed likely. 

Source: Santiment

Lastly, taking a look at all the above-mentioned factors, one can conclude that Shiba Inu and Dogecoin might have tough competition ahead if PEPE continues outperforming itself.