During the ongoing crypto bull market, meme coins have benefited greatly. In fact, according to CoinMarketCap data, as Bitcoin surged to a new all-time high of $89,000 this week, Doge (DOGE) has soared over 100% in the past seven days. However, with Pepe (PEPE)'s market cap growing 24% in the past day, will it ultimately surpass Shiba Inu (SHIB)?
The rise of meme coins seems to be driven by the recent 2024 presidential election results. Donald Trump's victory will usher in the first true crypto president. With his second term approaching, the crypto industry could see a massive surge. This could propel Pepe into the top two meme coins.
Will Pepe replace SHIB as the second-largest meme coin by market cap?
Last year was a momentous one for the crypto industry. Over the past ten months, this asset class has seen exponential growth. Renowned asset managers like BlackRock and Fidelity have already seized the potential of crypto and gained attention, with institutional investment interest also soaring.
However, the meme coin space has also been thriving, especially in the past few months. Now, all eyes are on PEPE, wondering if it could potentially set its sights on the market cap held by Shiba Inu (SHIB).
This frog-themed token was launched in April last year. Additionally, within the thriving community, a tribute to the Pepe the Frog meme quickly went viral. With Donald Trump's election and the recent crypto market bull run, its price has seen exponential growth.
According to CoinMarketCap data, PEPE has surged over 90% in the past seven days. Additionally, it has risen over 45% in the last day alone, bringing its price to the current $0.000019. More importantly, its market cap has increased by over 48%, crossing the $8 billion mark.
According to CoinMarketCap, Shiba Inu rose 37% last week, currently trading at $0.000026. Additionally, its $15 billion market cap has not been affected by the recent meme coin surge. The question is, can PEPE increase its overall market cap by another $7 billion to surpass SHIB?
The answer is a bit more complex than a simple yes or no. Pepe's sustained growth trajectory suggests that it is likely to surpass Shiba Inu at some point. SHIB's growth has stagnated, failing to keep up with the pace of the rest of the market. Alternatively, PEPE has essentially been on fire since its initial appearance. If this continues, 2025 could see a changing of the guard in the meme coin space.
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