Earlier this week, PEPE experienced a significant rally of 100%, leading to speculation regarding the potential for the frog-themed meme coin to emerge as a genuine competitor to Dogecoin.
Several months ago, Pepecoin made a brief appearance in the market, generating substantial profits for early investors and leaving latecomers with significant losses. Despite exhibiting characteristics of a typical crypto pump-and-dump scheme, the recent price movement of Pepecoin (PEPE) indicates that the meme coin may emerge as a new challenger to Dogecoin DOGE $0.07.
For several years, Dogecoin has been the leading memecoin in the market, and although several dog-themed tokens such as Shiba Inu SHIB $0.000008 and Floki (FLOKI) have attempted to challenge its position, they have ultimately faded away. However, SHIB briefly overtook DOGE in market capitalization after experiencing a 1,000% surge, reaching a peak valuation of $41.1 billion on October 28, 2021, while Dogecoin’s market capitalization was $31.5 billion.
The impressive surge in value experienced by SHIB was short-lived, and Dogecoin once again became the top-performing memecoin. As of now, Dogecoin holds the ninth position in the cryptocurrency market in terms of market capitalization, while Shiba Inu’s market value is less than half that of Dogecoin.
On April 15, a new participant was introduced to this sector in the form of Pepecoin, an ERC-20 token operating on the Ethereum blockchain and featuring a frog-based theme. This token has already gained significant traction and is presently listed among the top 100 coins in terms of market capitalization.
PEPE Takes the Lead
During the latest crypto rally, PEPE emerged as the top-performing token in the memecoin sector, coinciding with a surge in Bitcoin exchange-traded fund applications in the United States. The token’s value was further amplified by indications from the U.S.-based Gemini exchange of a forthcoming listing of PEPE coin.
PEPE has experienced a remarkable surge of 100%, rising from $0.000000833 on June 20 to $0.00000167 in less than a week, possibly due to expectations of future listings on prominent U.S. exchanges like oinbase">Coinbase. Despite the bullish trend in PEPE’s value, it is essential to assess its performance in comparison to DOGE over the past two months.
Pepecoin Outperforms Dogecoin
In May of 2023, Pepecoin gained significant attention and emerged as a prominent player in the memecoin frenzy on the Ethereum platform. Although there had been prior endeavors to introduce frog-themed tokens and nonfungible tokens (NFTs), this iteration gained remarkable popularity within a brief timeframe.
On May 6, Pepecoin reached its highest point, accounting for 13.8% of Dogecoin’s market capitalization. Nevertheless, the token has been experiencing a continuous downward trend since then. However, Pepecoin recently gained momentum due to Bitcoin’s bullish movement, which surpassed $30,000. Pepecoin led the market’s growth, with a 100% surge in value from $393 million on June 20 to $786 million on June 23.
On June 23, Pepecoin’s market share, as measured by Dogecoin’s market capitalization, rose from 6% to 7%. Pepecoin outperformed Dogecoin in terms of trading volumes during the Ethereum memecoin frenzy, with the former reaching a peak of over $1.5 billion, which is approximately four times higher than the latter’s trading volume.
Despite Pepecoin’s impressive trading volume during the memecoin craze, it experienced a decline in trading activity after the hype subsided, and its trading volume fell below that of Dogecoin. However, there is a possibility that Pepecoin’s trading volume could improve over the next few months, as it is expected to be listed on exchanges based in the United States.
According to the Google keyword search trend data for Dogecoin and Pepecoin, the interest in Pepecoin almost reached the same level as Dogecoin during the first week of May. However, the number of Google searches for “Pepecoin” has since decreased, while “Dogecoin” continues to maintain an average of seven to eight times higher search volume than “PEPE.”
Pepecoin has certain advantages over Dogecoin, such as its native integration with Ethereum. This feature enables Pepecoin to integrate with Ethereum’s decentralized finance and NFT ecosystem in the future.
Furthermore, Pepecoin has a fixed supply of 420.69 trillion, whereas Dogecoin uses a proof-of-work consensus mechanism and has a fixed annual issuance of 5 billion.
Notwithstanding its current market capitalization and level of popularity on Google, Pepecoin has yet to achieve mainstream memecoin status comparable to Dogecoin. Additionally, Dogecoin holds the advantage of being a first-mover in the market and having established network-effort dominance over the past eight years, while Pepecoin is a relatively new entrant.
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