Although the current memecoin, PEPE, has seen its market capitalization drop to $520 million after hitting the $1 billion mark, it appears that the “hype” around the crypto asset is far from over. This week, for example, the PEPE community “deleted” Coinbase using #DeleteCoinbase after the exchange manager claimed that memecoin was a symbol of far-right hate — he later retracted.
According to data from CoinGecko, the price of PEPE has fallen more than 60% in the past week after gaining more than 1,000% in a three-week period. On May 5th, memecoin reached an all-time high of $0.00000431.
But, since then, the price of PEPE has dropped by about 70%. At the time of writing, the price of the cryptocurrency is $0.00000122. According to analysts, this is likely to be the last profit-taking drop for investors.
PEPE is a memecoin inspired by the “Pepe The Frog” meme, created by Matt Furie in a 2005 cartoon.
Babe beating dogg?
While PEPE is facing a sharp correction after a very significant increase, its competitors Dogecoin (DOGE) and Shiba Inu (SHIB) are following the same path, albeit with smaller losses. Last week, DOGE price fell 9% to $0.071 and SHIB lost 12% to $0.00000867.
Anyway, when it comes to market capitalization, DOGE and SHIB are still ahead of PEPE. The frog memecoin has a market capitalization of $520 million and is ranked 86th on CoinGecko. Dogecoin ranks ninth with nearly $10 million in “market cap” and Shiba Inu is in the sixteenth position with a value of $5 billion.
What PEPE has in common with DOGE is the lack of use cases. But note that this did not prevent Dogecoin from becoming one of the largest cryptocurrencies on the market.
The analyst responds
Despite the huge difference in the current market cap, according to Messari analyst Chase Devens, it is not impossible for memecoin toad to outperform DOGE or SHIB:
“It wouldn’t be surprising to see PEPE trump both of them at some point, if only momentarily, now that it has gained legitimacy,” he said. He said defence.
According to the researcher, PEPE’s listings on large centralized exchanges such as Binance, for example, are the main reason for PEPE’s rapid growth. As he pointed out, these listings lower the barrier to retail speculation. In addition to,
“PEPE perpetual futures contracts are now available on exchanges such as Binance and Bybit to give users access to leverage of up to 100 times the price of PEPE. In just a few days, volumes of PEPE derivatives have already surpassed daily spot trading volumes.
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