Connect with us
Active Currencies 14729
Market Cap $2,619,709,329,685.51
Bitcoin Share 51.36%
24h Market Cap Change $1.86

Shiba Inu, Dogecoin left behind: Will PEPE be the new memecoin king?

2min Read

The market performance of the memecoins indicate the shifting preferences of traders.

Shiba Inu, Dogecoin left behind: Will PEPE be the new memecoin king?

Share this article

  • PEPE’s price and volume exploded, recording 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 skyrocketed in the last 24 hours, so did their volumes, AMBCrypto discovered. However, insights gathered from the increase suggested that a new sheriff might soon be in town.

And this might not be old guards like Shiba Inu [SHIB] and Dogecoin [DOGE].

Instead, frog-themed Pepe [PEPE] might soon be the leader of the “meme school.” According to data from Santiment, SHIB’s volume hit $1.15 billion.

Trading Volume shows a clear difference

Dogecoin had more than double that with $2.65 billion. But PEPE, which is at least three younger than the other two, registered an incredible $3.44 billion volume within the same period.

PEPE's volume rises above DOGE and Shiba Inu

Source: Santiment

Volume is an important metric that shows the level of market activity a cryptocurrency has. From the chart above, it was obvious that Shiba Inu and DOGE could not attract the level of liquidity PEPE had.

A suitable inference in a case like this is that market participants showed more interest in PEPE than Dogecoin and SHIB. Proof of this also reflected in the price.

In the last 24 hours, PEPE’s price increased by a whopping 34.50%. DOGE had a 13.49% increase, while SHIB registered a 9.72% jump.

On a Year-To-Date (YTD) basis, Dogecoin and Shiba Inu’s prices have not increased 2x. But PEPE’s value had increased by almost 8x.

Is betting on the frog worth it?

Well, one can argue that the memecoin has a much lower market cap, offering it room to grow. But if the token sustains this momentum while the bull cycle continues, it could flip either SHIB or DOGE, or both.

As of this writing, Dogecoin’s market cap was $24.33 billion, while Shiba Inu’s was $15.16 billion. For Pepe, AMBCrypto noticed that the market cap was $5.09 billion.

PEPE's market cap is catching up with SHIB and DOGE

Source: Santiment

A look at the trio showed that their respective total supply was in circulation, indicating that additional coins or tokens might not have been added to the circulating supply.

If this is the case, PEPE’s price needs to hit $0.00003666 for the token to hit SHIB’s market cap. For the token to match up with Dogecoin, its price needs to climb to $0.00005903.

However, this would only be the case if DOGE and SHIB prices remain stagnant, which seems impossible. But Hsaka, a pseudonymous trader, shared on cryptic post on X (formerly Twitter).


Read Pepe’s [PEPE] Price Prediction 2024-2025


He suggested that PEPE would flip SHIB.

Another trader, JamesonEth, mentioned that PEPE was gearing up for a pump similar to DOGE’s increase in 2021. He wrote,

“It’s only a matter of time before a MASSIVE CANDLE appears absolutely DECIMATING shorts and bears alike It is clear to me PEPE is the chosen alt of this cycle and will outperform everything else.”

Share

Victor Olanrewaju is a full-time journalist at AMBCrypto. Settled in Lagos, his fascination with blockchain technology and the cryptocurrency market arose out of his love of freedom and everything free. As a Nigerian, Victor understands the impact unfounded financial restrictions have on a population. He sees Bitcoin and cryptos as a way to circumvent these obstacles, as a tool for value creation despite all the setbacks. A graduate in Physics, Victor previously worked as a Senior Marketer at Melange Technologies. Before that, he dealt with crypto-marketers on a regular basis in his capacity as Copywriter at Ventrix Media. At AMBCrypto, Victor’s focus is on assessing the real effectiveness of both on-chain and off-chain developments on a project and its community sentiment.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.