Ethereum Memecoin PEPE Now 2x Away from Flipping Shiba Inu (SHIB) Market Cap

The crypto community is abuzz with the potential of Ethereum memecoin PEPE to surpass Shiba Inu (SHIB) in market capitalization.

Ethereum-based memecoin PEPE (PEPE) now needs a 2x price increase to flip the market capitalization of Shiba Inu (SHIB), the second-largest meme coin.

According to Whale Insider, PEPE is currently priced at $0.00001255, and is just 2x away from flipping SHIB’s market cap, with SHIB trading at $0.00001755.

“JUST IN: Ethereum memecoin $PEPE (@pepecoineth) is 2x away from flipping SHIB market cap,” crypto news outlet Whale Insider announced in a tweet on June 27, 2024.

The price gap has sparked speculation that PEPE may soon match SHIB in market capitalization. If this were to occur, PEPE’s price would increase to roughly $0.00002457, showing a 1.96x rise from its current value.

At the time of writing, PEPE’s market cap stands at $5.26 billion, which is approximately 0.51x of SHIB’s market cap of $10.3 billion.

Whale Insider's latest report highlights the rapid ascent of PEPE in the crypto market. Notably, market participants and PEPE proponents have expressed their excitement over the meme coin’s potential to flip SHIB.

“Wow, Pepe is rising so fast. Might still have more growth to come,” commented one user.

One commenter noted the impressive rise of PEPE, while another highlighted that the coin might still have more significant growth ahead. This sentiment underscores the community’s belief that PEPE’s recent gains could be just the beginning of a more extended run.

A chart from CoinMarketCap provides a 24-hour price comparison of PEPE and SHIB from June 26 to June 27. The chart indicates that PEPE experienced greater volatility than SHIB, with sharper declines and recoveries. Both cryptocurrencies initially trended downward, hitting their lowest points around 4:00 AM.

Afterward, they both showed signs of recovery, with PEPE exhibiting more pronounced peaks and troughs. By the end of the period, both PEPE and SHIB were on an upward trajectory, with PEPE ending slightly above its previous low, while SHIB recovered more steadily.

Moreover, early June data showed a surge in interest for PEPE, surpassing more prominent assets like XRP and Shiba Inu in trading volume. At the time, PEPE achieved an impressive 30-day trading volume exceeding $41 billion, with 2.86 quadrillion PEPE tokens traded.

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