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- One prominent trader is backing Pepe coin to flip Shiba Inu (SHIB) which is already racing to topple Dogecoin (DOGE) in the top ten ranked coins.
- PEPE has recently reached a new all-time high. climbing above the top 20 ranked coins in the market.
With Memecoins’ profiles rising in 2024, one of the top performers has been Pepe coin (PEPE). In recent days, the coin has rallied to reach a new all-time high. PEPE has broken multiple resistances to reach a new all-time high and emerge as the best-performing altcoin among the high-cap coins.
At the time of writing, PEPE is trading for $0.00001666 after a 4% surge in the last 24 hours. This sees the memecoin extend its weekly gains by 78%, making it the best-performing memecoin in the market. PEPE has managed to outperform its rivals Shiba Inu (SHIB), and Dogecoin (DOGE) which enjoy a higher market cap.
Its recent performance has seen Pepe briefly breach the top 20 ranked coins. At the time of writing, the memecoin has a market cap of a little over $ 6.9 billion, placing it as the 21st largest altcoin in the market. For context, Uniswap (UNI) which is ranked 20th, has a market cap of $8.3 billion. Pepe Bulls will need to mount another breakout and hold higher support to ensure its stay among the top 20 coins.
Pepe’s recent performance could largely be attributed to the recent futures listing on Coinbase. With increased investor interest, demand for the memecoin has skyrocketed. Additionally, the frog-themed memecoin is enjoying massive whale interest.
Based on recent developments, pseudonymous analyst Hsaka who is popular for making timely predictions has shared his thoughts about PEPE. In his recent prediction, the crypto analyst says he expects PEPE to continue on its bullish path and flip Shiba Inu (SHIB).
At the time of writing, SHIB ranks 12th with a market cap of $15.1 billion. However, SHIB’s performance is a fraction of what PEPE has achieved in the last 7 days. SHIB has in the last 7 days surged 7%. If PEPE has stage similar performances in the coming weeks and months, it is guaranteed to flip SHIB and possibly Dogecoin (DOGE) which is ranked 9th with a $24.4 billion market cap.
Based on the current prices, for this prediction to come true, PEPE would need to stage a 120% price rally in the coming weeks. Recent performances suggest that this is achievable if the same bullish momentum is maintained.
The crypto strategist writes:
PEPE is only at a $6 billion market cap. DOGE hit a max market cap of $75 billion last cycle, and SHIB hit nearly $50 billion. I think it’s safe to say there’s still plenty of upside for the frog.
However, as the analyst notes SHIB hit $50 billion in the last bull run and based on its recent network growth and adoption, it is poised to reach and surpass this in the upcoming cycle. This sets the stage for a vicious bullish battle between memecoins, guaranteeing investors life-changing gains.
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