Throughout the ongoing crypto bull run, meme coins have benefitted massively. Indeed, as Bitcoin has surged to an $89,000 all-time high this week, Dogecoin (DOGE) has surged more than 100% over the last seven days, according to CoinMarketCap. Yet, with Pepe (PEPE) seeing its market cap increase 24% in the last day, can it eventually flip Shiba Inu (SHIB)?
The meme coin run seems to be fueled by the recent 2024 presidential election results. Donald Trump’s victory will see the first true crypto president take office. As his second term looms, the cryptocurrency sector could be set to surge massively. That could push Pepe into the top two meme tokens.
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Pepe to Supplant SHIB as 2nd Largest Meme Coin by Market Cap?
The last year has been massive for the cryptocurrency industry. Through the past ten months, the asset class has grown exponentially. Prominent asset managers like BlackRock and Fidelity have embraced their potential and gained exposure, while institutional investment interest has skyrocketed.
Yet, the memecoin sector has also flourished, specifically in the last several months. Now, all eyes are on PEPE specifically, and if it could be eyeing the market cap position currency held by Shiba Inu (SHIB).
The frog-themed token was launched in April of last year. Moreover, the tribute to the Pepe the Frog meme quickly enjoyed a meteoric rise amid a thriving community. With the election of Donald Trump and the crypto market’s recent bull run, it has surged exponentially.
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Over the last seven days, PEPE is up more than 90%, according to CoinMarketCap. Moreover, it is up more than 45% in the last day alone, driving it to its current price of $0.000019. More importantly, its market cap is up more than 48%, reaching an $8 billion mark.
Shiba Inu is up 37% in the last week and currently trading at $0.000026, according to CoinMarketCap. Additionally, its $15 billion market cap has been left rather unmoved by the recent meme coin surge. The question is, can PEPE increase its overall market value by another $7 billion to surpass SHIB?
The answer is a little more complicated than a yes or no. The ongoing trajectory of Pepe says that it is likely to surpass Shiba Inu at some point. SHIB has seen its growth stagnate and not kept pace with the rest of the market. Alternatively, PEPE has been on fire basically since it first arrived. If that continues, 2025 could end with a changing of the guard taking place atop the meme coin sector.
