Ethereum-based memecoin PEPE now needs a 2x price increase to surpass the market cap of Shiba Inu (SHIB), the second-largest meme coin.
The crypto community is abuzz with the potential of Ethereum memecoin PEPE to surpass Shiba Inu (SHIB) in market capitalization. According to Whale Insider, PEPE is currently valued at $0.00001255, and is just 2x away from flipping SHIB’s market cap, with SHIB trading for $0.00001755.
JUST IN: Ethereum memecoin $PEPE (@pepecoineth) is 2x away from flipping SHIB market cap.
— Whale Insider (@WhaleInsider) June 27, 2024
Speculation Meets Excitement
This price gap has led to significant speculation. If PEPE were to match SHIB’s market cap, its price would rise to $0.00002457, marking a 1.96x increase from its current value. Presently, PEPE’s market cap is $5.26 billion, approximately 0.51x of SHIB’s $10.3 billion.
Whale Insider’s latest report highlights PEPE’s rapid ascent in the crypto market. Notably, market participants and PEPE proponents have expressed their excitement over the meme coin’s potential to flip SHIB.
One commenter noted the impressive rise of PEPE, while another highlighted that the coin might still have more significant growth ahead. This sentiment underscores the community’s belief that PEPE’s recent gains could be just the beginning of a more extended run.
24-Hour Price Comparison
A chart from CoinMarketCap provides a 24-hour price comparison of PEPE and SHIB from June 26 to June 27. The chart indicates that PEPE experienced greater volatility than SHIB, with sharper declines and recoveries. Both cryptocurrencies initially trended downward, hitting their lowest points around 4:00 AM.
PEPE v Shiba Inu | CoinMarketCap
Afterward, they both showed signs of recovery, with PEPE exhibiting more pronounced peaks and troughs. By the end of the period, both PEPE and SHIB were on an upward trajectory, with PEPE ending slightly above its previous low, while SHIB recovered more steadily.
Further, early June data shows a surge in interest for PEPE, surpassing more prominent assets like XRP and Shiba Inu in trading volume. At the time, PEPE achieved an impressive 30-day trading volume exceeding $41 billion, with 2.86 quadrillion PEPE tokens traded.