HsakaTrades, an experienced trader, has made a bold prediction that Pepe (PEPE) could soon surpass Shiba Inu (SHIB) in terms of market capitalization, establishing itself as the second most dominant meme coin.
HsakaTrades, a prominent trader, has expressed the belief that Pepe (PEPE) has the potential to overtake Shiba Inu (SHIB) in market cap. This prediction, shared on X platform, has sparked discussions about the market dynamics of these popular meme coins.
Currently ranked 27th on CoinGecko, PEPE has shown impressive growth, while SHIB, holding the 13th position, maintains a stronger presence in the market. Shiba Inu is the second-largest meme coin by valuation, second only to the market leader and original meme coin, Dogecoin.
PEPE Needs 221.8% Price Increase to Match SHIB’s Market Cap
In order for PEPE to reach SHIB’s market cap, its price would have to rise to approximately $0.00003582. This represents a significant increase of 221.8% 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.
Despite experiencing a notable 19.61% increase in the last 24 hours and a 7.71% rise over the past week, PEPE’s market cap currently stands at around $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 approximately $15.05 billion, reflecting its stronger presence in the market and greater investor interest.
Recent Performance and Trends
PEPE has demonstrated remarkable growth, largely influenced by external market factors. The resurgence of the GameStop (GME) rally spilled over into the crypto markets, generating increased interest in meme coins like PEPE.
On May 14, 2024, PEPE’s price reached an all-time high of $0.000010, driven by this renewed market enthusiasm. As reported by The Crypto Basic, the nostalgic sentiment from the infamous 2021 GME rally, where retail traders clashed with institutional bears, appears to have rejuvenated the recent rally of PEPE.
Additionally, a report from March suggested that PEPE may continue to outperform its competitors, as it currently has a smaller number of holding addresses. While Dogecoin and Shiba Inu have millions of holders, with 6.3 million and 1.3 million respectively, PEPE has a relatively modest 170,000 holding addresses. A lower number of holders indicates significant potential for growth as more investors become aware of this frog-themed meme coin.
Shiba Inu’s Market Position
Meanwhile, Shiba Inu is not sitting idle amidst speculation about the rise of PEPE. Market analyst Javon Marks predicts that SHIB may leverage its recent price upswing to rally towards the $0.00015 mark.
SHIB has reportedly formed a bull flag pattern, which typically indicates a consolidation phase before resuming an uptrend. Historically, SHIB experienced a surge of 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, often retreating below it due to bearish pressure. However, at the time of writing, SHIB appears to be breaking through this resistance following the overall surge in the crypto markets.
Disclaimer: This content is for informational purposes only and should not be considered as financial advice. The views expressed in this article may include the author’s personal opinions and do not necessarily reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses incurred.