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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.