Altcoin
PEPE flips Optimism: Can OP emerge from the memecoin mania?
PEPE temporarily surpasses OP in market capitalization on the back of the ongoing “memecoin mania.”
- PEPE climbed above OP in terms of market cap.
- Social volume and positive sentiment around PEPE grew.
Despite the surge in interest in the meme coin sector, the overall interest in Pepe [PEPE] died down as other popular tokens flooded the crypto market.
However, in the last few days, interest in PEPE had seen a resurgence. According to CoinMarketCap, the price of PEPE grew by 10% over the last 24 hours.
As a result, PEPE was able to outrank Optimism [OP]
in terms of market cap.
Source: CoinMarketCap
Even though PEPE’s dominance was short-lived, the feat did showcase the token’s growing popularity. One of the recent surge in prices for PEPE would be the rising Social Volume.
AMBCrypto’s analysis of Santiment’s data revealed that the social volume around PEPE had grown significantly since the 1st of April.
Coupled with that, the sentiment around the token had also turned positive. Notably, the rising Weighted Sentiment suggested that the number of positive comments around PEPE had surpassed negative ones.
If the Social Volume around PEPE continues to rise and sentiment remains positive, the token could reach new highs soon.
Source: Santiment
Even though PEPE growth in terms of market cap is positive news for the meme coin, it does raise some questions around OP’s price movement.
How is OP doing?
Due to the stiff competition Optimism has been facing from Arbitrum [ARB], the protocol hasn’t been able to make its mark in the growing Layer 2 sector.
Moreover, new entrants such as Base have also come in and taken significant market share over the last few weeks.
It is perhaps due to the rising competition in the space, that the positive sentiment around Optimism and its governance token OP has waned.
This could also be one of the reasons why OP was having trouble retaining its rank in terms of market cap.
Realistic or not, here’s OP market cap in BTC’s terms
At press time, OP was trading at $3.25 and its price had grown by 6% in the last 24 hours. The volume at which OP was trading at had also surged by 56.91% during this period.
If OP manages to maintain this positive momentum, it could see a surge in market cap and eventually maintain its ranking.
Source: Santiment
