Can PEPE Overtake Polygon (MATIC) in Market Cap?
Release: 2024/05/29 17:23 Reading: 391
Pepe Challenges Polygon in Market Cap Race
Pepe has experienced significant growth in both price and trading volume, rivaling Polygon in market capitalization. The memecoin has even surpassed MATIC's trading volume at times.
Market Cap Competition
According to CoinMarketCap, Pepe and Polygon are vying for the 18th and 19th spots in the market cap rankings. Polygon currently holds the 18th position with a market cap exceeding $7.2 billion. However, Pepe's surge in value has brought it closer to potentially overtaking MATIC.
Pepe's market cap has risen from approximately $4.6 billion to over $6.8 billion in the past week. Analysis from Santiment indicates that Pepe's trading volume has also spiked, consistently surpassing $2 billion daily over the last week, with some instances nearing $4 billion. Its current trading volume stands at over $2.6 billion.
In contrast, MATIC's daily trading volume has rarely exceeded $1 billion in the past two months and currently hovers around $369 million. This suggests that Pepe is currently experiencing higher trading activity than MATIC.
Recent Price Trends
In the past seven days, Pepe has demonstrated strong momentum, setting four all-time highs. The most recent peak occurred on May 27th, with a 4.21% increase to approximately $0.0000167. At the time of writing, Pepe's price has slightly declined to around $0.0000164. However, it remains in a bullish trend, with its Relative Strength Index (RSI) indicating oversold conditions.
Polygon also saw an uptick in price on May 27th, rising 3.94% to approximately $0.74. However, its overall price movement has been more muted compared to Pepe's. Currently, Polygon is trading at approximately $0.73, down over 1% from recent highs.
Outlook
Pepe's recent surge in price and trading volume has positioned it as a serious contender to Polygon in the market cap rankings. With Pepe demonstrating higher trading activity and achieving multiple all-time highs, the competition between these two cryptocurrencies is intensifying. Investors and observers should closely monitor this rivalry, as further developments could lead to significant shifts in the cryptocurrency landscape.
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