After PEPE was launched on Coinbase and Robinhood, its price skyrocketed and its market value quickly approached that of Shiba Inu (SHIB).
Recently, PEPE, a frog-themed token, experienced significant growth in just a few hours after being listed on two major exchanges, Coinbase and Robinhood.
PEPE prices skyrocketed after listing
Yesterday, Coinbase’s chief legal officer Paul Grewal announced the news of PEPE’s listing, noting that user demand for the token continues to rise.
Soon after, Robinhood followed suit and listed PEPE along with other mainstream currencies such as XRP, Cardano (ADA), Solana (SOL), etc.
As expected, the price of PEPE skyrocketed, setting a new all-time high of $0.00001932. A few hours after listing, the market value of PEPE exceeded $8 billion.
Although many people expected a price correction, PEPE still broke through the $0.00002 mark and hit a new high of $0.00002524 this morning. At the same time, the market value of PEPE has reached a staggering $10.46 billion.
Can PEPE surpass SHIB?
It is worth noting that despite the great selling pressure, PEPE has already pulled back, but most holders are still confident about the future. Some analysts even believe that PEPE has the potential to surpass SHIB and become the second largest asset in the meme token market.
David, a well-known crypto analyst, said that it is only a matter of time before PEPE surpasses SHIB.
Currently, Shiba Inu (SHIB) is the second largest meme token by market cap, with a market cap of approximately $15.27 billion, while PEPE follows closely behind with a market cap of $9.78 billion, ranking third.
To surpass SHIB, PEPE’s market cap would need to rise by 56.2% to about $15.28 billion. Once that is achieved, PEPE would become the second-largest asset in the meme token market.
In June this year, PEPE was still two times away from surpassing SHIB's market value, but after recent rounds of increases, PEPE is only 1.56 times away from this goal.
Considering the circulating supply of PEPE, if the market value reaches $15.28 billion and the trading price is $0.0000365, it is possible to catch up with SHIB. Although it is not certain whether PEPE can surpass SHIB, investors in the crypto circle are closely watching the future trends of these two tokens.
In the past 24 hours, the price of PEPE has increased by 81.54% to $0.00002336. After listing on Coinbase and Robinhood, the trading volume of PEPE has also surged by 209.86% to exceed $20.23 billion.
In comparison, SHIB is trading at $0.00002592, up 6.58% on the day, but its trading volume has fallen 25.9% to $3.37 billion.
