Shiba Inu Says It Remains Unfazed Despite Pepe Emergence as New Challenger

The official Shiba Inu (SHIB) X handle takes a subtle jab at its rival Pepe (PEPE) in reaction to a challenge from top crypto exchange Poloniex. 

For context, Poloniex asked its users and followers to comment on which meme coin they would buy between SHIB and PEPE.  

Shiba Inu Shades Pepe in New Challenge

Reacting to the post, Shiba Inu’s official X handle emphasized that a new challenger has emerged. However, Shiba Inu said it remains confident in its position at the top despite the emergence of this new challenge.

The handle claimed ownership of the top dog position while humorously suggesting that other meme coins, including amphibians, could potentially take second place. Shiba Inu attached a GIF to the post showing a frog crying inside a bowl. 

New challengers emerge, but the #SHIBARMY remains unfazed at the top 🏆1️⃣ While the runner-up spot is open (even to amphibians!) the top dog position is ours. #ShibaArmyStrong https://t.co/5OSfYbfz1H pic.twitter.com/mQYVJA95oD

— Shib (@Shibtoken) May 29, 2024

Notably, Pepe is an Ethereum-based meme coin whose mascot is a frog – a member of amphibians. 

SHIB Briefly Enters Top 10  

Shiba Inu’s subtle jab at Pepe comes a few hours after SHIB captured investors’ attention with a massive rally of 16.4%. As reported earlier, it usurped Cardano (ADA) to become the 10th-biggest cryptocurrency by market cap. 

The rally positioned Shiba Inu among the top-performing meme coins yesterday. Nonetheless, other meme-based cryptocurrencies, like Pepe (PEPE), also witnessed gains in the same timeframe. For instance, Pepe’s price rose by 2.15% yesterday.  

Pepe and Shiba Inu Market Performance 

In the meantime, both SHIB and PEPE have recorded massive corrections over the past 24 hours. While SHIB witnessed a daily loss of 5.49%, PEPE’s price was down 11.27% in the same timeframe. 

Following the dip, Shiba Inu plunged back to the 11th position in the global cryptocurrency rankings, while PEPE currently stands as the 21st-biggest crypto by market cap. 

In the meme coin ranking, Dogecoin holds the number one position with a market cap of $22.9 billion. It is followed by SHIB, which boasts a valuation of $15.35 billion. At press time, Pepe is the third-biggest meme coin with a valuation of $5.6 billion.