The memecoin market has a potential new leader according to recent trends. Amid rising prices and booming trade volumes, Pepe (PEPE), a frog-themed memecoin, has started to outperform well-known cryptos such as Shiba Inu (SHIB) and Dogecoin (DOGE).
A closer look reveals PEPE’s volume has surged to an impressive $3.44 billion, outpacing SHIB with a volume of $1.15 billion and DOGE with $2.65 billion, as per data from Santiment. In other words, PEPE’s liquidity has exceeded both Dogecoin and Shiba, signaling a change in market trends. These figures suggest that traders show increased interest in PEPE.
Within the last day, PEPE’s price surged by 34.50%, compared to DOGE’s 13.49% increase and SHIB’s 9.72% growth. On a Year-To-Date (YTD) basis, PEPE’s price has inflated almost 8 times, a significant price surge compared to DOGE and SHIB which have not doubled in the same period.
Currently, Dogecoin’s market cap stands at $24.33 billion, and Shiba Inu’s is $15.16 billion while Pepe trails with $5.09 billion. However, given PEPE’s recent momentum, a possible flippening could take place if PEPE continues to outperform the other memecoins.
Finally, two traders – Hsaka and JamesonEth – hinted at PEPE’s potential dominance. Hsaka intriguingly suggested that PEPE might surpass SHIB, while JamesonEth indicated that PEPE could experience a pump akin to DOGE’s 2021 increase. The shift of preference towards PEPE indicates a potential turning point in the memecoin market.