Pepe has been experiencing massive growth in both price and volume, bringing it closer to Polygon in terms of market capitalization. The memecoin has even seen more trading volume than MATIC.
Pepe’s rapid rise is challenging Polygon in the market cap rankings, creating intense competition between the two in the crypto market.
Competition Between Pepe and Polygon (MATIC) for Market Cap Ranking
According to data from CoinMarketCap, there is intense competition for the 18th and 19th spots in the market capitalization rankings. Currently, Polygon (MATIC) holds the 18th position with a market cap exceeding $7.2 billion. However, this position is being challenged by Pepe, which has seen substantial price gains recently.
Pepe’s market capitalization has surged to over $6.8 billion from approximately $4.6 billion in just the past seven days alone. This rapid increase has brought Pepe closer to potentially overtaking MATIC, pending further increases in market value.
Analysis of volume trends from Santiment indicates that Pepe has also experienced a significant surge in trading activity. Over the last week, Pepe consistently recorded daily trading volumes surpassing $2 billion, with some instances nearing $4 billion. Currently, the trading volume stands at over $2.6 billion.
In contrast, MATIC’s volume chart shows it has only exceeded $1 billion once in nearly two months, with a current volume around $369 million. This suggests that Pepe has been experiencing higher trading activity compared to MATIC at the moment.
Pepe vs. Polygon (MATIC): Analysis of Recent Trends
In the past seven days, Pepe has demonstrated a strong price performance, achieving four different all-time highs on a daily basis. The most recent peak occurred on May 27th, marking a 4.21% increase to approximately $0.0000167. However, as of the latest update, Pepe’s price had declined to around $0.0000164, reflecting a decrease of approximately 1.5%. Despite this dip, Pepe remains in a robust bullish trend, with its Relative Strength Index (RSI) indicating oversold conditions.
On the other hand, Polygon (MATIC) also experienced an uptrend on May 27th, with a price increase of 3.94% reaching around $0.74. However, its overall price trend has been less dynamic compared to Pepe’s. Currently, Polygon is trading at approximately $0.73, showing a decline of over 1% from recent highs.
The recent surge in Pepe’s price and trading volume has positioned it as a significant competitor to Polygon in the market capitalization rankings. With Pepe demonstrating higher trading activity and achieving multiple all-time highs, the competition between these two cryptocurrencies is intensifying. Investors and observers in the market are advised to closely monitor this rivalry, as further developments could lead to significant shifts in the cryptocurrency landscape.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.