Shiba Inu, Dogecoin left behind: Will PEPE be the new memecoin king?

PEPE Explodes: Volume and Price Surge Past SHIB and DOGE

PEPE's price and trading volume have skyrocketed, eclipsing those of SHIB and DOGE. Two traders have voiced their support for the frog-themed memecoin over the other two.

Volume Explosion

As meme coin prices soared in the past 24 hours, their volumes also surged, according to AMBCrypto. However, data suggests that a new contender may be emerging: PEPE.

According to Santiment, SHIB's volume reached $1.15 billion, while Dogecoin's was more than double that at $2.65 billion. However, PEPE, which is younger than both, registered an astonishing $3.44 billion volume within the same period.

Market Interest and Price Surge

Volume is a key metric indicating the level of market activity for a cryptocurrency. The chart shows that PEPE attracted significantly more liquidity than SHIB and DOGE. This suggests that market participants have shown greater interest in PEPE.

This interest is reflected in the price. In the last 24 hours, PEPE's price increased by a whopping 34.50%, while DOGE had a 13.49% increase and SHIB registered a 9.72% jump.

Year-to-Date (YTD) Performance

On a YTD basis, Dogecoin and Shiba Inu's prices have not doubled. However, PEPE's value has increased by almost 8x.

Is PEPE a Worthy Investment?

PEPE's lower market cap offers potential for growth. If the token sustains its momentum during the bull cycle, it could potentially surpass either SHIB or DOGE, or both.

Market Cap Comparison

As of this writing, Dogecoin's market cap was $24.33 billion, while Shiba Inu's was $15.16 billion. PEPE's market cap was $5.09 billion.

Analyst Predictions

A pseudonymous trader, Hsaka, predicted that PEPE would surpass SHIB. Another trader, JamesonEth, suggested that PEPE was preparing for a surge similar to DOGE's in 2021.

Conclusion

PEPE's recent surge in volume and price suggests that it may be the next leader in the "meme school." However, it remains to be seen if it can maintain its momentum and surpass the established giants, SHIB and DOGE.