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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.
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.