The popular meme coin Shiba Inu (SHIB) has been outpaced in recent weeks by the meme cryptocurrency Pepe (PEPE), according to crypto analytics company Messari.
According to the business, compared to SHIB, PEPE’s average value per holder, as determined by market cap value per holder, exhibits a comparable but faster growth tendency.
Owners of Pepe have made enormous gains as the alternative currency has increased by around 5,000,000% in just a few weeks.
Just over three weeks after the currency’s launch in mid-April, this astonishing rise culminated in a high price of $0.00000431, giving the coin a market valuation of $1.8 billion.
The PEPE cryptocurrency has subsequently corrected and is presently trading down over 62% from its peak, nevertheless.
PEPE’s impressive success was further enhanced by a trending tweet that emphasised how quickly PEPE attained a $1 billion market valuation. PEPE reached this milestone in 19 days as opposed to 279 days for SHIB, 287 days for Ethereum, 1,579 days for Bitcoin, and a startling 2,585 days for Dogecoin. This demonstrates the growing rate of PEPE’s at an unprecedented rate.
Despite these encouraging figures, it’s vital to emphasise how unpredictable and volatile the cryptocurrency market can be, especially when it comes to hype-driven meme currencies. The quick increase of PEPE has drawn attention, but investors need to be aware of the dangers involved in making these kinds of investments. These currencies are vulnerable to sudden value changes, as seen by the quick decline in PEPE’s value following its high.
It is unknown if Pepe would be able to stage a similar spectacular comeback to SHIB in late 2021.
