PEPE is now 2x away from surpassing the market capitalization of Shiba Inu

The Ethereum-based PEPE memecoin now needs a 2x price increase to surpass the market cap of Shiba Inu (SHIB), the second largest coin.

The crypto community is abuzz over the potential of Ethereum memecoin PEPE to surpass Shiba Inu (SHIB) in terms of market cap. According to Whale Insider, PEPE is currently valued at $0.00001255 and is just 2x the market cap of SHIB, with SHIB trading at $0.00001755.

Speculation meets enthusiasm

This price gap has led to significant speculation. If PEPE were to match SHIB’s market cap, its price would increase to $0.00002457, a 1.96x increase from its current value. Currently, PEPE’s market cap is $5.26 billion, which is about 0.51x SHIB’s $10.3 billion.

Whale Insider’s latest report highlights PEPE’s rapid rise in the crypto market. Notably, market participants and PEPE supporters have expressed enthusiasm about the meme coin’s potential to overthrow SHIB.

A commentator note the impressive rise of PEPE, while another Underlines that the coin could still see more significant growth ahead. This sentiment reinforces the community’s belief that PEPE’s recent gains may be just the beginning of a longer period.

24/7 Price Comparison

A chart from CoinMarketCap provides a 24-hour price comparison of PEPE and SHIB from June 26-27. The chart indicates that PEPE experienced greater volatility than SHIB, with sharper declines and recoveries. Both cryptocurrencies initially trended downward, reaching their lowest points around 4 a.m.

PEPE vs Shiba Inu | CoinMarketCap

Subsequently, both indices 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.

Moreover, at the beginning of June data shows an increase in interest in PEPE, surpassing larger assets like XRP and Shiba Inu in terms of trading volume. At the time, PEPE achieved an impressive 30-day trading volume exceeding $41 billion, with 2.86 quadrillion PEPE tokens traded.

Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.

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