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Friday, July 19, 2024

Can PEPE Be the Next Shiba Inu? Analyst Chips In While Wall Street Memes Dominates

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Pepe ($PEPE) is back in the green after the token’s price soared nearly 100% last week.

With investors now scrambling to buy $PEPE before the next upwards push, market commentators are deliberating whether the token can move past Shiba Inu ($SHIB) – and even rival Dogecoin ($DOGE)

However, it’s not just Pepe making moves, with trailblazing meme coin Wall Street Memes ($WSM) continuing to turn heads during its ongoing presale phase.

Huge $PEPE Trading Volume Fuels Speculation of $SHIB Takeover

Data from CoinMarketCap reveals that the total $PEPE trading volume hit $167 million in the past 24 hours – 51% higher than the $SHIB trading volume.

This metric highlights just how popular $PEPE really is and adds credence to the hypothesis that the token could take the number two spot in the meme coin market.

For this to happen, $PEPE would need to exceed Shiba Inu’s $4.3 billion market cap – which means the token would have to more than 7x in size from its current position.

Although this might seem like a tall order, many market commentators believe it could be possible.

In fact, just last month, crypto analyst cryptunez tweeted that he “fully expects” $PEPE to flip $SHIB within one year.

Additionally, YouTuber Crypto Millie released a video analysis of $PEPE, speculating that the token could surpass $SHIB’s valuation before 2025.

However, even though some analysts are highly bullish on $PEPE’s prospects, it’s unlikely that the token could rival Dogecoin anytime soon.

Dogecoin’s market cap is nearly 15 times larger than Pepe’s – meaning the latter’s tokenomics would have to drastically change for it to topple $DOGE’s dominance.

Pepe Comeback Shows No Signs of Stopping as NFT Sales Skyrocket

Regardless, $PEPE is undoubtedly back on the right track following a period of sustained bearish momentum.

The token’s comeback has inspired an array of new meme coins to enter the market and attempt to mirror $PEPE’s returns.

Pepe 2.0, the latest competitor to $PEPE’s throne, has burst onto the scene in the past 24 hours – generating over $10.8 million worth of trading volume, per CoinMarketCap.

Although Pepe 2.0 has no actual use cases, the token has still benefited from the speculative nature of the crypto market and the vast community interest in $PEPE.

However, the good news for $PEPE holders is that these copycat coins are ultimately reinforcing the popularity and appeal of the original meme coin.

Another factor playing into $PEPE’s comeback is the recent launch of Pepe Elementals – a brand-new NFT collection hosted on the Ethereum blockchain.

According to OpenSea, 104 ETH worth of these NFTs has exchanged hands in the past day, equating to a remarkable $192,631.

Which Other Meme Coins Could Dominate the Market?

Alongside $PEPE, several other meme coins are emerging and vying for market dominance.

Wall Street Memes, a new project inspired by the WallStreetBets Reddit movement, is one of these meme coins – and has now raised nearly $11 million in early funding.

Wall Street Memes Presale Stirs Investor Excitement After Raising Nearly $11m

At the time of writing, Wall Street Memes ($WSM) is in Stage 19 of its 30-stage presale phase, meaning nearly two-thirds of the token allocation has already been snapped up.

Investors worldwide have been coming in droves to get their hands on $WSM tokens, given that they’re being offered at a discounted price relative to the future CEX listing price.

Not only that, but investors have also been clamoring to participate in Wall Street Meme’s airdrop event – which will see $50,000 worth of $WSM split between five lucky winners.

To participate in this event, investors must join the official Discord server and complete several social media-related tasks.

This airdrop event has contributed to the buzz around Wall Street Memes, which has already reached fever pitch.

Twitter influencer Crypto Jamie has become a brand ambassador, while nearly 10,000 people have opted to join the Wall Street Memes Telegram community.

These factors provide a solid foundation for price growth once $WSM is launched on exchanges in the coming weeks.

Although there’s no telling where price could go, the signs are already there that $WSM could rival $PEPE in the meme coin market during the latter half of 2023.

Visit Wall Street Memes Presale

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