Pepe Inching Closer to Flipping Shiba Inu
Release: 2024/11/14 15:19 Reading: 752
Pepe Cryptocurrency Surpasses $10 Billion Market Cap
The market capitalization of meme cryptocurrency Pepe (PEPE) has reached a new milestone, exceeding $10 billion. Earlier today, PEPE peaked at a record high of $0.00002457, before experiencing a slight correction to its current value of $0.00002346. Despite the recent pullback, PEPE has gained an impressive 86% in the past 24 hours.
The surge in PEPE's value was attributed to its listing on Coinbase, a leading cryptocurrency exchange in the United States. Additionally, PEPE became available for trading on Robinhood's U.S. platform on Wednesday.
Data from blockchain analytics firm Onchain Lens revealed a significant purchase of 751.59 billion PEPE (approximately $17.89 million) by a single wallet.
As a result of its recent price appreciation, Pepe has emerged as a formidable competitor to Shiba Inu (SHIB), another popular meme coin. SHIB currently holds a market cap of $15.6 billion, while PEPE stands at $9.8 billion.
Shiba Inu remains the only meme coin to surpass Dogecoin (DOGE). However, its value has declined significantly, losing almost 70% from its peak in October 2024.
Meanwhile, Dogecoin has experienced a surge of over 100% in the past seven days, aligning with the uptrend in PEPE. DOGE's market capitalization has now reached $57 billion, surpassing insurance giant MetLife and Bank of New York Mellon. If its rally continues, Dogecoin could potentially overtake Rolls-Royce Holdings and Nintendo in terms of market value.
Despite its recent gains driven by Elon Musk's endorsement, DOGE is still down approximately 46.7% from its all-time high, highlighting the volatility of the cryptocurrency market.
As previously reported by U.Today, former Goldman Sachs analyst Murad Mahmudov predicted that a different meme coin would overtake Dogecoin within the year. However, recent developments suggest that such an outcome is unlikely at this point.
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