PEPE Narrows Lead with Shiba Inu Amid Latest Surge
The Pepe token (PEPE), characterized by its frog-themed branding, has experienced considerable upward momentum in recent hours following its recent listings on prominent cryptocurrency exchanges, Coinbase and Robinhood.
PEPE Surges Post-Listings on Robinhood and Coinbase
The catalyst for this rally was the announcement from Coinbase, articulated by Chief Legal Officer Paul Grewal, confirming the increased user interest driving demand for PEPE. Shortly thereafter, Robinhood joined the trend, listing PEPE alongside major cryptocurrencies such as XRP, Cardano, and Solana.
As anticipated, PEPE’s price surged dramatically, reaching an all-time high (ATH) of $0.00001932. Within hours of the listings, its market capitalization exceeded $8 billion.
Against expectations of a price correction, PEPE continued its ascent, surpassing the $0.00002 threshold to achieve a new ATH of $0.00002524 this morning. The token’s valuation is now an impressive $10.46 billion.
Can PEPE Overthrow SHIB?
Despite experiencing some selling pressure and a subsequent reduction in gains, the outlook remains positive among many PEPE holders. Some analysts, including well-known crypto strategist David, speculate that PEPE may overtake Shiba Inu (SHIB) to become the second-largest memecoin.
Currently, Shiba Inu holds the position of the second-largest meme-based token, with a market cap of $15.27 billion. PEPE, with a valuation of $9.78 billion, sits in third place. For PEPE to surpass SHIB, its market cap would need to increase by 56.2% (1.56x), elevating it to $15.28 billion.
Market Trends
Earlier in June, PEPE faced a greater challenge, being twice as far from Shiba Inu’s market cap, but with this recent uptick, it is now 1.56x away from that milestone. If the market cap reaches $15.28 billion, PEPE’s price would align with $0.0000365, contingent on its circulating supply. While the ability of PEPE to surpass SHIB remains uncertain, market participants are closely observing the progression of both tokens in the upcoming days.
Price Action
In the immediate term, PEPE has risen by 81.54% over the past 24 hours, trading at $0.00002336, while its trading volume has skyrocketed by 209.86% to $20.23 billion, fuelled by the Coinbase and Robinhood listings. Conversely, Shiba Inu is trading at $0.00002592, reflecting a more modest daily increase of 6.58%, with its trading volume experiencing a decline of 25.9% to $3.37 billion.
Read Also: Massive Profit-Taking by Pepe Coin Whales Signals Potential Meme Coin Selloff
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
