According to crypto analytics firm Messari, an altcoin Pepe (PEPE) has seen growth, surpassing popular meme coin Shiba Inu (SHIB). PEPE’s remarkable rise was noted as it outperformed SHIB in average value per owner and exhibited an accelerated growth pattern. Here are the details…
Altcoin PEPE surpasses SHIB
In just a few weeks, PEPE has risen a staggering 5,000,000 percent, hitting a high of $0.00000431 and a market cap of $1.8 billion just three weeks after its mid-April issue. However, after the peak, the PEPE token experienced a correction. It is currently trading down about 62 percent. Despite the impressive performance, it is crucial to acknowledge the volatile and unpredictable nature of the cryptocurrency market, especially with hype-driven meme coins. It remains to be seen whether PEPE can make a comeback similar to that of SHIB in late 2021.
If we look at the average value per holder of @pepecoineth and @Shibtoken, as measured by the market cap value per holder, we see that PEPE is displaying a similar growth pattern to SHIB, but at a much faster pace. pic.twitter.com/izB4qwxhWv
— Messari (@MessariCrypto) May 16, 2023
Meanwhile, Messari, a crypto market intelligence platform, recently compared the growth of PEPE and SHIB. Their analysis revealed that PEPE’s market cap per owner followed a similar but accelerated growth pattern compared to SHIB. Currently, SHIB is the second largest meme coin with a market cap of $5,127,578,039, while PEPE ranks third with a combined market cap of $614,841,091. Also, SHIB is ranked as the 15th largest crypto project overall, while PEPE is ranked 67th.
What is the latest situation in prices?
Despite the rapid growth in market capitalization of PEPE, it still has a long way to go before it surpasses SHIB as the second largest meme coin. Recent price movements have pushed this milestone further for PEPE. Over the past 24 hours, SHIB has seen a price drop of 1.39 percent and outperformed PEPE, which lost 7.07 percent over the same period. As a result, SHIB traded at $0.000008694 while PEPE changed hands at $0.000001571. Also, the overall meme coin market cap dropped 0.59% to $17.215,390.025.
In the past 24 hours, both meme coins have been surpassed by market leaders Bitcoin (BTC) and Ethereum (ETH). SHIB is down 0.16% against BTC and 0.72% against ETH, while PEPE is down 5.25% against BTC and 5.79% against ETH.
As the meme coin market continues to evolve, investors should be mindful of the inherent risks associated with these speculative assets. While PEPE has shown impressive growth, its latest correction highlights the volatility of the cryptocurrency market. Traders will be watching closely to see if Pepe can regain its momentum and chart a path of success similar to that of SHIB in late 2021.
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