HsakaTrades, a seasoned trader, predicts Pepe (PEPE) might soon surpass Shiba Inu (SHIB) in market capitalization as the second dominant meme coin.
A top trader, HsakaTrades, believes that Pepe (PEPE) might soon surpass Shiba Inu (SHIB) in market cap. This prediction, shared on X, has stirred discussions about the market dynamics of these memecoins.
Currently ranked 27th on CoinGecko, PEPE has shown remarkable growth, while SHIB, sitting at 13th, maintains a stronger market presence. Shiba Inu is the second-largest meme coin by valuation, only behind market leader and the original meme coin Dogecoin.
— Hsaka (@HsakaTrades) May 20, 2024
PEPE Needs 221.8% Price Rise to Match SHIB
For PEPE to reach SHIB’s market cap, its price would need to rise to approximately $0.00003582. This shift represents a 221.8% increase from PEPE’s current price. As of today, Pepe (PEPE) is priced at $0.00001113 with a 24-hour trading volume of $1,623,019,274.71.Â
Despite a significant 19.61% increase in the last 24 hours and a 7.71% rise over the past week, PEPE’s market cap stands at approximately $4.69 billion. In comparison, Shiba Inu (SHIB) holds a price of $0.00002553 with a 24-hour trading volume of $786,954,243.17. SHIB’s market cap is significantly higher at around $15.05 billion, reflecting its stronger market presence and investor interest.
Recent Performance and Trends
PEPE has shown notable growth, particularly influenced by external market factors. The resurgence of the GameStop (GME) rally spilled over into the crypto markets, fueling a wave of interest in meme coins like PEPE.
On May 14, 2024, PEPE’s price soared to an all-time high of $0.000010, driven by this renewed market enthusiasm. As The Crypto Basic reported, the nostalgic sentiment from the infamous 2021 GME rally, where retail traders clashed with institutional bears, seems to rejuvenate the recent PEPE rally.
Further, a report from March indicated that PEPE might continue to outperform competitors, as it lags behind in the number of holding addresses. While Dogecoin and Shiba Inu have millions of holders—6.3 million and 1.3 million respectively—PEPE has a relatively modest 170,000 holding addresses. A lower number of holders suggests considerable room for growth as more investors become aware of the frog-themed meme coin.
Shiba Inu’s Market Position
Meanwhile, Shiba Inu is not standing idle amidst speculation about the rise of PEPE. Market analyst Javon Marks predicts SHIB might leverage its latest price upswing to rally towards the $0.00015 mark.
SHIB has reportedly formed a bull flag pattern, which typically indicates a consolidation before resuming an uptrend. Historically, SHIB surged over 370% in early 2024, reaching a yearly high of $0.00004567.
Despite this bullish outlook, SHIB has been facing strong resistance around the $0.000025 level. In a longer timeframe, SHIB’s performance shows struggles to decisively surpass this price range, retreating below it amid bearish pressure. However, at press time, SHIB seems to be breaking this resistance following the overall surge in crypto markets.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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