PEPE, the third largest meme coin by market capitalization, became a market sensation shortly after its launching in April 2023, which saw it orchestrate a return on investment increment of about 15.37 million percent in its first quarter of gracing the market, raising questions about the coin’s propensity to outshine Shiba Inu (SHIB) and possibly Dogecoin (DOGE).
Interestingly, PEPE’s perceived ability to outperform SHIB in this market cycle seems to grow stronger with each passing day, considering PEPE’s remarkable market readings across several indices.
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Amid the growing convictions on PEPE’s tendency to flip SHIB, renowned market expert analyst Jake has waded into the debate via a video on his verified X handle, asserting confidently that the frog-themed crypto asset will soon displace SHIB as the second largest meme coin.
Reasons Why PEPE Will Flip SHIB Soon
According to Jake, while DOGE might boast a more valuable market capitalization of about $14.76 billion, almost twice that of PEPE price at roughly $6.85 billion, the 24-hour trading volumes, which signifies a better outlook, depict otherwise.
Per the chart he used to illustrate his claims, SHIB has a 24-hour trading volume of approximately $965.4 billion, three times less than PEPE, with a remarkable $2.77 trillion.
Citing reasons why PEPE appears set to flip SHIB, Jake highlighted one of the most significant drivers to emanate from crypto investors seeking the next SHIB that could replicate the canine-themed token run in the 2021 bull season, which made many early investors millionaires.
Jake noted that many investors envisaged PEPE’s ability to outshine SHIB, so they invested massively in the project when the market cap was still around $2 billion, with high hopes of making tremendous profits once the token ascends to SHIB’s market cap level.
Ethereum Spot ETF Approval Effect
In addition, the market analyst highlighted the post effect of the Ethereum spot Exchange Traded Fund (ETF) approval on PEPE and SHIB, stating that while PEPE’s market cap appreciated from $3 billion to around the $6 billion region, there were no significant changes in that of SHIB.
Going further, Jake noted that Shiba Inu has rolled out several utilities ranging from a metaverse project to a game and the recently launched Shibarium scaling solution network in August 2023.
On the other hand, PEPE has not done much in the aspect of utilities; the coin only boasts a strong community, the frog-themed token, and most importantly, green charts across several market indices – a unique characteristic that has endeared the token to the heart of many crypto investors.
Interestingly, PEPE possesses an imminent catalyst that would undoubtedly result in a massive price surge for the frog-themed token. The market analyst stated that while PEPE has been listed on almost all leading Centralized Exchanges (CEXs), it has not yet debuted on Coinbase. However, its listing on the American exchange is anticipated, which would drive the coin’s price spike.
On its part, SHIB has debuted on almost all CEXs, including Coinbase. Hence, Jake does not see any catalyst emanating from listing for SHIB. Concluding his take on both tokens, the market expert remarked, “If you asked me a month ago, I would give a 30% chance that PEPE will flip Shiba Inu in this cycle, and now that PEPE is less than half of the market cap of Shiba Inu before the biggest bull run in history and PEPE is continuing to gain momentum, I would say about 75% chance or a little bit higher than we do see PEPE flip Shiba Inu this cycle.”
Will $PEPE Flip $SHIB This Year?! pic.twitter.com/KnJxV5Ps7l
— JAKE (@JakeGagain) May 28, 2024
PEPE V.S. SHIB In The Market Today
According to CoinGecko’s statistics, PEPE is the twenty-first largest crypto asset by market capitalization; it is changing hands at about $0.000016, following a 4.6% decline in the past 24 hours. While its last 24 hours index reflected loss, its past 7-day and 30-day indices indicated profits of about 45% and 112.2%, respectively.
Meanwhile, Shiba Inu’s market readings revealed the coin’s selling price to be approximately $0.000025, reflecting a 0.9% upswing in the past 24 hours, and is ranked the twelfth most valuable cryptocurrency by market capitalization. Contrary to PEPE, SHIB’s 7-day and 30-day indices indicated losses of about 3.1% and 1.2%, respectively.
Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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