Can PEPE Replace Shiba Inus? Analyst Joins Wall Street Memes
Pepe ($PEPE) is back in the black after the price of the token went up by almost 100% last week.
Investors are now rushing to buy $PEPE before the next rise, and market analysts are trying to figure out if the token can move past Shiba Inu ($SHIB) and even Dogecoin ($DOGE), which is a competitor.
But Pepe isn’t the only one making moves. During its current presale phase, Wall Street Memes ($WSM), the first meme coin, is still getting a lot of attention.
$SHIB Takeover Rumors Fueled by $PEPE Trading Volume
According to data from CoinMarketCap, the total amount of $PEPE traded in the last 24 hours was $167 million. This is 51% more than the amount of $SHIB traded.
This measure shows how popular $PEPE really is and gives more support to the idea that the token could become the second most valuable meme coin.
For this to happen, $PEPE’s market cap would have to be higher than Shiba Inu’s $4.3 billion. This means that the token would have to grow by more than 7x from where it is now.
Even though this seems like a tall order, many people who talk about the market think it might be possible.
In fact, crypto analyst cryptunez wrote just last month that he “fully expects” $PEPE to turn into $SHIB within a year.
Also, Crypto Millie posted a video study of $PEPE on YouTube, speculating that the token’s value could surpass that of $SHIB before 2025.
Even though some experts are very optimistic about $PEPE’s future, it’s not likely that the token will soon be able to compete with Dogecoin.
Dogecoin’s market cap is almost 15 times bigger than Pepe’s, which means that Pepe’s tokenomics would have to change a lot for it to replace $DOGE as the most popular cryptocurrency.
Pepe’s NFT Comeback Continues Skyrocket
Even so, $PEPE is definitely back on the right track after a long time of falling prices.
The token’s return has sparked a lot of new joke coins that are trying to match $PEPE’s returns.
In the past 24 hours, Pepe 2.0, the newest rival to $PEPE’s throne, has exploded onto the scene, generating over $10.8 million worth of trade volume, according to CoinMarketCap.
Even though Pepe 2.0 doesn’t have any real uses, the token has still done well because of how risky the crypto market is and how much interest there is in $PEPE.
But the good news for people who own $PEPE is that these copies are making the original meme coin even more famous and appealing.
The recent launch of Pepe Elementals, a brand-new NFT collection stored on the Ethereum blockchain, is another reason why $PEPE is on the rise again.
OpenSea says that 104 ETH worth of these NFTs were traded in the last day, which is the equivalent of $192,631.
Which Meme Coins Might Rule the Market?
Along with $PEPE, a number of other joke coins are coming out and trying to take over the market.
One of these meme coins is Wall Street Memes, a new project that was inspired by the WallStreetBets Reddit movement and has now raised almost $11 million in early funding.
Investors are excited about the Wall Street Memes pre-sale, which raised almost $11 million.
At the time this was written, Wall Street Memes ($WSM) was in Stage 19 of its 30-stage presale phase, which means that almost two-thirds of the tokens had already been bought.
Investors from all over the world have been coming in droves to buy $WSM tokens, which are being sold at a discount compared to what they will be worth when they are listed on the CEX.
Investors have also been lining up to take part in Wall Street Meme’s airdrop event, in which $50,000 worth of $WSM will be given to five lucky winners.
Investors must join the official Discord server and do a few tasks linked to social media in order to take part in this event.
This airdrop event has added to the buzz that has already hit a fever pitch about Wall Street Memes.
Crypto Jamie, who has a lot of followers on Twitter, has become a brand ambassador, and almost 10,000 people have joined the Wall Street Memes Telegram group.
These things make it likely that the price of $WSM will go up once it starts trading on markets in a few weeks.
Even though nobody knows where the price will go, there are already signs that $WSM could catch up to $PEPE in the meme coin market by the end of 2023.
