TL;DR
- Pepe Coin (PEPE) has experienced rapid growth, becoming a top performer in the meme coin market and challenging its competitors with a significant increase in value.
- Surpassing Shiba Inu’s market cap could be possible for PEPE with strategies like expanding its community, securing partnerships, and capitalizing on market trends.
PEPE’s Chances
Pepe Coin (PEPE) – a frog-themed meme coin that emerged less than a year ago – has recently taken center stage due to its staggering price increase. It is up over 150% weekly and is among the best performers in its realm.
PEPE’s market capitalization exceeded the $1.2 billion mark, challenging BONK, which is the third largest in the niche with around $1.4 billion. Shiba Inu (SHIB) is second with a market cap of more than $8 billion, and we decided to ask ChatGPT whether that gap can be vaporized throughout 2024.
The AI-powered chatbot determined that such a flipping is not out of the cards but depends on multiple factors and conditions that need to take place. Increasing PEPE’s user base and community support were outlined as most important.
“If Pepe Coin can attract a larger following, perhaps through viral marketing, celebrity endorsements, or unique use cases, it could see its value rise,” ChatGPT stated.
However, this seems like a challenging task, with some surveys estimating that Shiba Inu is the meme coin with the strongest community base. Dogecoin is supposedly second, while PEPE holds the third position.
Establishing partnerships and collaborations with well-known brands or other cryptocurrency projects might also trigger a price boost for the frog-themed coin. Other elements include favorable market sentiment, the implementation of innovative technology, positive news, regulatory developments, and more.
PEPE’s Ups and Downs Over the Past Year
The meme coin saw the light of day in April 2023 and quickly turned into one of the sensations in the cryptocurrency sector. During its early days, PEPE was charting double-digit gains quite frequently, allowing savvy traders to make considerable profits.
The asset’s price performance caught the eye of countless industry participants, which could explain why leading cryptocurrency exchanges like Binance and Coinbase enabled trading services with it.
Despite the solid start, PEPE’s progress stalled at the beginning of the summer, with its price dipping far below the all-time high witnessed in May. Nonetheless, the token recovered much of the losses during the past few days amid the overall market frenzy. Those willing to learn more about PEPE feel free to do so by watching our dedicated video below:
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