PEPE Gains by 3% and May Outperform Shiba Inu

The cryptocurrency market welcomes many meme coins every day but only a few manage to make a name for themselves. A newcomer called Pepe Coin is recently the buzzword as it provided early investors with mind-blowing returns. It is a popular cryptocurrency that runs on the Ethereum network. It was inspired by memes about 'Pepe, the Frog,' which was created in the 2000s by Matt Furie. It intends to capitalize on the popularity of other popular meme currencies such as Shiba Inu and Dogecoin. Its native token, PEPE, has an in-built deflationary mechanism that keeps the token supply purposely limited to prevent price swings.

PEPE price has shot up so high that it went from a low of $0.00000002764 on April 17, 2023, to an all-time high of $0.000004254 on May 05, 2023, depicting a meteoric rise before falling to its current price of $0.00000244. Now, the question is, will PEPE take the place of Shiba Inu (SHIB)?

PEPE presents a unique offering within the meme coin market by building upon the legacy of Pepe the Frog, a character with a longstanding and controversial history. The project's dedication to honoring this character distinguishes it from other cryptocurrencies and strengthens its appeal within the crypto community.

As of writing, PEPE price trades at $0.00000244, declining over 5.87% in the last 24 hours. After facing resistance near $0.0000045. Its one-day trading volume was $880 million. PEPE has also regained its $1 billion market cap after briefly falling short of this mark following the recent price dip.

Will PEPE dethrone Shiba Inu?

Investors are increasingly optimistic about Pepecoin's potential for growth, which could outpace Shiba Inu in the near future. Several factors are contributing to this shift in investor sentiment, including Pepecoin's expanding user base and its strong community support.

Over the last two weeks, the number of unique holders of Pepecoin (PEPE) has surged by almost 10 times, leading crypto experts to believe that if this trend continues, the token could soon overtake Shiba Inu (SHIB). This growth in the number of unique holders has been accompanied by a significant increase in trading volume, with PEPE's trading volume surging from around $3 million to over $200 million within the same two-week period.

In contrast, SHIB's trading volume has decreased during the same timeframe. These trends are capturing investors' attention, as they suggest that PEPE may be poised for significant gains in the near future. These factors, combined with the broader trends in the cryptocurrency market, suggest that Pepecoin could overtake Shiba Inu in the coming months and become a leading meme coin.

Interestingly, the success of Pepecoin could be seen as a positive sign for the broader meme coin market, as it suggests that there is still room for growth and innovation in this space. With tokens like Pepecoin experiencing tremendous growth despite lacking real-world utility, experts are optimistic about the potential for projects like Pikamoon, which have solid use cases, to achieve even greater success.

Shiba Inu, unlike Pepe Coin, has a supportive community and a strong team of developers pushing the project to greater heights. Crypto exchanges, including Binance, have also recently listed PEPE. The frog-inspired meme coin has come a long way in terms of market cap, bagging #42 on CoinMarketCap. The possibility of PEPE dethroning Shiba Inu in terms of growth is something worth waiting for and watching.