A top trader, HsakaTrades, is optimistic that 27th-placed PEPE will outrank Shiba Inu (SHIB), positioned 13th in market capitalization. The bold forecast has sparked off a conversation on social media platform X on the possibility of such a shift.
PEPE vs. SHIB: The Current Market Performance
Although PEPE has shown astonishing growth in recent times, Shiba Inu is the second-largest memecoin by valuation, second only to Dogecoin, the pioneer in the niche. Market watchers say while nothing is impossible in the crypto world, it will be a tough climb for PEPE.
In order for PEPE to catch up with Shiba Inu’s market cap, its price will need to experience a significant surge. Specifically, PEPE has to soar 221.8% from its current price to approximately $0.00003582. Currently, PEPE is priced at $0.00001113 with a 24-hour trading volume of $1,623,019,274.71.
Conversely, Shiba Inu is priced at $0.00002553 with a 24-hour trading volume of $786,954,243.17. SHIB’s market cap stands at around $15.05 billion, a vote of investors’ confidence in the dog-themed memecoin and its strong market presence.
Interestingly, Shiba Inu will not stay stagnant in market performance as market analysts are optimistic that a bullish resurgence is underway. They predict a $0.00006 price if Shiba Inu breaks out of its current consolidation phase. This prediction is based on the narrowing of Shiba Inu’s Bollinger Bands and other market indices.
Factors Driving PEPE’s Potential Growth
PEPE’s market cap is at approximately $4.69 billion. This figure is in spite of a 19.61% increase in the last 24 hours and a 7.71% rise over the past week. Comparatively, Shiba Inu’s price is up 7.28% for 24 hours but with a 6.37% slump in the past week.
HsakaTrades’ optimism might be due to the notable interest in meme coins like PEPE, following the resurrection of the GameStop (GME) rally. Besides, on May 14, 2024, PEPE attained an all-time high of $0.000010, driven by this renewed market enthusiasm.
Moreover, a March report shows from analysis that PEPE might continue to outperform competitors. This was hinged on its fewer holding addresses – a modest 170,000, compared to competitors like Dogecoin and Shiba Inu with millions of holders—6.3 million and 1.3 million respectively.
A lower number of holders suggests considerable room for growth as more investors become aware of the frog-themed meme coin.
Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of Crypto-Vanguard’s content as such. Crypto-Vanguard does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.