The meme coin rivalry is intensifying, with Shiba Inu at risk of being overtaken by Pepe and losing its spot as the second-biggest meme coin.
Since early 2022, Shiba Inu has maintained its position as the second-largest meme coin behind Dogecoin. However, Shiba Inu’s dominance in the meme coin market is now under threat from rising rival Pepe.
Pepe and Shiba Inu Market Gap
Popular meme coin proponent Pepetoshi Nakamoto referenced data from CompareMarketCap to show how close Pepe is to overtaking SHIB.
The accompanying screenshot shows that Pepe was just a 1.69x surge from overtaking Shiba Inu in market capitalization. According to the data, Pepe was trading at $0.000010, which translates to a market cap of $4.51 billion. On the other hand, Shiba Inu had a price of $0.000012 and a valuation of $7.62 billion.
With this data, Pepe only needs to soar by 69% to overtake Shiba Inu’s market cap and become the second-biggest meme coin. If this happens, the price of PEPE would skyrocket to around $0.000018.
Recent Performance
The close gap between Shiba Inu and its rivals tightened as SHIB has lost a significant chunk of its value over the past few months.
For context, SHIB has lost 42.7% of its value since the beginning of the year. It has also plunged by 9.13% over the past 30 days and 10.96% over the past seven days alone.
Similarly, Pepe has also posted huge losses over the same timeframe. The frog-themed token has declined by 51.2% year-to-date, 15.7% in the past 30 days, and 13.7% in the past week.
However, while PEPE has registered a rally of 18.13% over the past year, SHIB has dipped by 17.67% in the same timeframe.
PEPE Now 1.74x from Flipping SHIB
Meanwhile, the latest data from CompareMarketCap reveals that the gap has widened to 1.74x, indicating that Pepe now needs a 74% rally to surpass SHIB. This comes after PEPE’s price dipped by 9.44% over the past day to $0.0000097, with its market cap also dropping to $4.09 billion.
However, Shiba Inu has only plunged 6.94% over the past 24 hours. It is currently trading at $0.00001211, boasting a market cap of $7.15 billion.
DisClamier: 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 opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
