A few months ago Pepecoin came and went, bringing quick, unimaginable riches to early investors and turning late comers into reluctant bag holders.
While the chart resembles the standard crypto pump-and-dump scheme, PEPE’s price action this week suggests that the frog-themed token could be the newest contender to Dogecoin (DOGE) in the memecoin sector.
Dogecoin (DOGE) has dominated the memecoin space for years. Many copycats of Doge-themed tokens like Shiba Inu (SHIB) and Floki (FLOKI) have challenged its position over the years, but eventually faded.
SHIB token briefly surpassed DOGE in market capitalization after rising 1000% rise to a peak valuation of $41.1 billion on 28, Oct. 2021. At the time, Dogecoin’s market capitalization was $31.5 billion.
However, the near vertical rally faded shortly in the following weeks and Dogecoin reclaimed its top spot in meme coin category.
Presently, Dogecoin ranks ninth in the cryptocurrency space concerning market capitalization with Shiba Inu trading at less than half of Dogecoin’s valuation.
The top three memecoins by market capitalization. Source: CoinGeckoA new entrant in this segment launched on April 15, a frog-themed ERC-20 token on Ethereum, PepeCoin, has made it to the top 100 coins by market capitalization.
PEPE hops in to steal the show
PEPE also led the sector’s gains in the latest crypto rally amid a flurry of Bitcoin exchange traded fund (ETF) fillings in the United States.
The token’s gains were accentuated by hints dropped by the U.S.-based Gemini exchange on potential PEPE coin listing.
Feeling pepish about something coming soon… pic.twitter.com/PEwsTOVT22
— Gemini (@Gemini) June 22, 2023The 100% increase recorded by PEPE from $0.000000833 on June 20 to $0.00000167 in less than a week might be due to hopes around future listings on U.S. exchanges like Coinbase.
While PEPE enjoys bullish momentum, let's look at its performance compared to DOGE over the past two months.
Will PepeCoin flip Dogecoin?
PepeCoin rose to prominence in May 2023, leading the memecoin hype on Ethereum. While there have been previous attempts at frog-themed tokens and NFTs, this version of ERC-20 became particularly popular in a very short span.
PepeCoin peaked at 13.8% of Dogecoin’s market capitalization on May 6, however, it has been in a down-only trend since.
Recently, the token picked up momentum with the latest bullish move in Bitcoin above $30,000, leading the market’s gains with 100% increase from a valuation of $393 million on June 20 to $786 million on June 23.
The token’s market share in terms of Dogecoin’s market capitalization increased by 1% to 7% on June 23.
PEPE’s market capitalization as a percentage of DOGE’s market capitalization from April 15 to June 22. Source: CoinGeckoConcerning trading volumes, PEPE led DOGE during the memecoin hype on Ethereum. At its peak, it reached highs over $1.5 billion, around four times that of DOGE.
However, PepeCoin’s trading volume dried up after the memecoin hype cooled down, falling below Dogecoin. The potential listing on U.S. based exchanges could likely improve PepeCoin’s trading volumes over the coming months.
Comparing the trading volumes of PEPE and DOGE. Source: CoinGeckoThe Google keyword search trend for Dogecoin and PepeCoin shows that the interest for PepeCoin nearly reached par with Dogecoin in the first week of May.
Related: PEPE vs. DOGE: How the memecoins performed their first time hitting a $1B market cap
However, the volume of “PepeCoin” searches on Google have subsided since then, with “Dogecoin” maintaining a seven to eight times higher average than Doge.
The Google trend score for Dogecoin (in red) and PepeCoin (in blue). Source: GooglePepeCoin also enjoys certain advantages such as it resides natively on Ethereum, which can see future integrations with Ethereum’s decentralized Finance (DeFi) and NFT ecosystem.
Moreover, it has a fixed supply of 420.69 trillion versus Dogecoin which uses Proof-of-Work (PoW) consensus mechanism which has a fixed yearly issuance of 5 billion coins
However, based on its market capitalization and popularity on Google, PepeCoin still has a long way to go before it becomes a mainstream memecoin like Dogecoin.
On top of that, Dogecoin enjoys first-mover advantage and network effort dominance of over eight years, while PepeCoin is only a couple of months old.
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