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The remarkable surge from PEPE following its listing on Coinbase and Robinhood brings it closer to reaching the market cap of Shiba Inu.
Leading frog-themed token Pepe (PEPE) has registered significant gains over the past few hours following its listing on two major crypto trading platforms, Coinbase and Robinhood.
PEPE Soars Amid Robinhood and Coinbase Listings
Yesterday, Coinbase announced the listing of PEPE via its Chief Legal Officer (CLO) Paul Grewal, who acknowledged the growing demand for the token among users.
Interestingly, Robinhood followed suit a few minutes later, listing PEPE alongside other top assets like XRP (XRP), Cardano (ADA), and Solana (SOL).
As expected, the price of PEPE skyrocketed tremendously, setting an all-time high (ATH) record of $0.00001932. A few hours after the listing announcements, its market cap also surpassed $8 billion.
While most expected a pullback, PEPE made another move, surpassing the $0.00002 mark to set a new ATH of $0.00002524 earlier this morning. Similarly, the frog-themed token’s valuation also hit a whopping $10.46 billion.
Can PEPE Overthrow SHIB?
It is worth mentioning that PEPE has now lost some of its gains due to heavy sell pressure. Nonetheless, most PEPE holders are optimistic about the future, and some project that it could flip Shiba Inu to become the second-biggest asset in the memecoin market.
Specifically, famous crypto analyst David suggested that it is only a matter of time before PEPE overthrows SHIB.
🐸 $PEPE will flip $SHIB
It’s not a matter of it, it’s a matter of when. pic.twitter.com/qqdPJmbuqJ
— David | ARCHETYPE⚡️ (@archxtypex) November 14, 2024
Currently, Shiba Inu ranks as the second-biggest meme-based token, with a market cap of $15.27 billion. However, PEPE’s valuation of $9.78 billion puts it in the third position.
Flipping SHIB would require PEPE’s market cap to rise by 1.56x or 56.2%, potentially bringing the valuation to $15.28 billion. Achieving this feat would make PEPE the second-biggest asset in the memecoin market.
In June, PEPE was 2x away from surpassing Shiba Inu’s market cap. Following its recent uptick, the token is now 1.56x away from achieving this feat.
At a market cap of $15.28 billion, PEPE would trade at $0.0000365, considering its circulating supply. While it remains unclear whether PEPE would flip SHIB, crypto enthusiasts are monitoring both assets closely to see what unfolds in the coming days.
In the meantime, PEPE is up 81.54% in the past 24 hours to $0.00002336. The token’s trading volume has also exploded by 209.86% to $20.23 billion following the listings on Coinbase and Robinhood.
On the other hand, Shiba Inu trades at $0.00002592, reflecting a daily surge of 6.58%. Conversely, Shiba Inu’s trading volume has slumped 25.9% to $3.37 billion.