A few months ago Pepecoin came and went, bringing quick, unimaginable riches to early investors and turning latecomers into reluctant bag holders.
While the chart resembles the standard crypto pump-and-dump scheme, Pepecoin’s (PEPE) price action this week suggests that the frog-themed token could be the newest contender to Dogecoin (DOGE) in the memecoin sector.
Dogecoin has dominated the memecoin space for years. Many copycats of dog-themed tokens, like Shiba Inu (SHIB) and Floki (FLOKI), have challenged DOGE’s position over the years but eventually faded.
SHIB briefly surpassed DOGE in market capitalization after rising 1,000% to a peak valuation of $41.1 billion on Oct. 28, 2021. At the time, Dogecoin’s market capitalization was $31.5 billion.
However, the near-vertical rally faded in the following weeks, and Dogecoin reclaimed its top spot in the memecoin category.
Presently, Dogecoin ranks ninth in the cryptocurrency space concerning market capitalization, with Shiba Inu trading at less than half of Dogecoin’s valuation.
A new entrant in this segment launched on April 15. A frog-themed ERC-20 token on Ethereum, Pepecoin, has made it to the top 100 coins by market capitalization.
PEPE hops in to steal the show
PEPE also led the sector’s gains in the latest crypto rally amid a flurry of Bitcoin exchange-traded fund fillings in the United States.
The token’s gains were accentuated by hints dropped by the U.S.-based Gemini exchange of a potential PEPE coin listing.
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Author: Nivesh RustgiDid you like this?
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