Throughout the ongoing cryptocurrency bull run, meme coins have benefited immensely. Indeed, while Bitcoin hit an all-time high of $89,000 this week, Dogecoin (DOGE) has surged more than 100% in the past seven days, according to CoinMarketCap. Yet, as Pepe (PEPE) saw its market cap increase by 24% over the past day, can it possibly unseat Shiba Inu (SHIB)?
The race for meme corners appears to be fueled by the recent results of the 2024 presidential election. that of Donald Trump victory will see the first true crypto president take office. As he approaches his second term, the cryptocurrency sector could see a massive boom. This could push Pepe into the top two meme tokens.
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Will Pepe supplant SHIB as the second largest coin by market cap?
Last year was huge for the cryptocurrency industry. Over the past ten months, the asset class has grown exponentially. Leading asset managers like black rock and Fidelity have exploited their potential and gained visibility, while interest from institutional investors has skyrocketed.
Yet the memecoin sector has also thrived, especially in recent months. Now all eyes are on PEPE specifically, and if he could take an interest in the market capitalization position held by Shiba Inu (SHIB).
The frog-themed token was launched in April last year. Additionally, the tribute to the Pepe the Frog meme quickly gained momentum within a thriving community. With the election of Donald Trump and the recent rise of the crypto market, it has seen exponential growth.
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Over the past seven days, PEPE has increased by more than 90%, according to CoinMarketCap. Additionally, it has increased by over 45% in the last day alone, leading it to its current price of $0.000019. More importantly, its market capitalization increased by over 48%, reaching the $8 billion mark.
Shiba Inu is up 37% in the past week and is currently trading at $0.000026, according to CoinMarketCap. Additionally, its $15 billion market capitalization has remained rather unaffected by the coin’s recent surge. The question is: Can PEPE increase its overall market value by another $7 billion to surpass SHIB?
The answer is a little more complicated than a yes or no. Pepe’s current trajectory indicates that he will likely overtake Shiba Inu at some point. SHIB has seen its growth stagnate and not keep up with the rest of the market. Alternatively, the PEPE has been on fire since his arrival. If this continues, 2025 could end with a changing of the guard at the top of the coin industry.