Not too long ago, Pepecoin appeared on the scene, providing early investors with remarkable and unexpected wealth while leaving those who got in late with a bag of coins they wished they hadn’t purchased.
This week’s price action of Pepecoin (PEPE) suggests that the frog-themed token could be the newest challenger to Dogecoin (DOGE) in the memecoin sector, even though the chart resembles the common crypto pump-and-dump scheme.
For years, Dogecoin has had a stronghold in the memecoin market. Numerous imitations of dog-related tokens such as Shiba Inu (SHIB) and Floki (FLOKI) have attempted to supplant DOGE’s supremacy but eventually disappeared.
On October 28th, 2021 SHIB briefly overtook DOGE in terms of market capitalization after experiencing a 1,000% surge, reaching a peak market capitalization of $41.1 billion. At that point, DOGE’s market capitalization was valued at $31.5 billion.
The rally that had been nearly vertical soon lost momentum in the following weeks, and Dogecoin was once again the leader in the memecoin category.
Currently, Dogecoin is ninth in the crypto market in terms of market capitalization, with Shiba Inu priced at less than half of Dogecoin’s value.
On April 15, a new player in this field entered the market. Pepecoin, an ERC-20 token based on the theme of a frog, on Ethereum, has managed to rank among the top 100 coins in terms of market capitalization.
PEPE hops in to steal the show
PEPE was also the top performer in the most recent crypto surge, with a flurry of Bitcoin ETF applications being filed in the U.S.
The token’s appreciation was magnified by the U.S.-based Gemini exchange’s suggestion of a potential listing of the PEPE coin.
The 100% rise in PEPE’s value from $0.000000833 on June 20 to $0.00000167 in less than a week could be attributed to expectations concerning potential listings on American trading platforms such as Coinbase.
As PEPE has been gaining bullish momentum, let’s examine its performance in comparison to DOGE over the past two months.
Will Pepecoin flip Dogecoin?
In May 2023, Pepecoin rose to fame, spearheading the trend of memecoins on Ethereum. Before this, there had been other attempts at frog-themed tokens and non-fungible tokens (NFTs), but this version quickly gained a lot of attention in a short period.
On May 6, Pepecoin reached its highest point of 13.8% of Dogecoin’s market capitalization; however, it has been on a continuous decline since then.
The token gained traction following Bitcoin (BTC)’s recent bullish surge above $30,000, surging 100% from $393 million on June 20 to $786 million on June 23 and leading the market’s gains.
The token’s portion of Dogecoin’s market capitalization rose from 6% to 7% on June 23.
In regard to trading activity, PEPE outpaced DOGE during the memecoin craze on Ethereum. At its most intense, PEPE hit a maximum of more than $1.5 billion, roughly four times the amount of DOGE.
However, after the excitement of the memecoin trend died down, Pepecoin’s trading activity decreased, even lower than Dogecoin’s. The possibility of being listed on U.S. exchanges may likely cause an increase in Pepecoin’s trading volumes in the near future.
In the first week of May, the Google keyword search trend for Dogecoin and Pepecoin revealed that interest in Pepecoin was nearly equivalent to that of Dogecoin.
PEPE and DOGE: An Analysis of the Performance of Memecoins Upon Reaching a $1 Billion Market Cap
Despite this, searches for “Pepecoin” on Google have decreased, while “Dogecoin” has an average of seven to eight times more searches than PEPE.
Pepecoin has certain benefits compared to Dogecoin, such as being natively based on Ethereum, which allows for potential integration with Ethereum’s decentralized finance and NFT environment.
Additionally, Pepecoin has a finite quantity of 420.69 trillion, whereas Dogecoin utilizes a proof-of-work consensus protocol and has a predetermined yearly production of 5 billion coins.
Despite its market capitalization and popularity on Google, Pepecoin still has a long way to go before it can reach the level of a mainstream memecoin such as Dogecoin.
Dogecoin has the benefit of being the first to enter the market and having a large network behind it, having been around for more than eight years, whereas Pepecoin is only a few months old.
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