• 30 May, 2024
News

PEPE Surges Past Shiba Inu: Is This the Dawn of Meme Coin Dominance?

Meme coins are once again stealing the spotlight in the volatile world of cryptocurrencies. Among them, Pepe (PEPE) has emerged as a formidable rival, showcasing an impressive surge of 2.81% within a mere 24-hour span. This remarkable leap has propelled PEPE to the forefront of the market, surpassing established contenders like Shiba Inu (SHIB) and Dogwifhat (WIF).

The resurgence of meme coins, particularly PEPE, comes at a time when the broader cryptocurrency market has been displaying signs of apathy. Despite the prevailing sentiment, meme coins on platforms like Solana (SOL) and Ethereum (ETH) are defying the odds, exhibiting substantial growth. PEPE, in particular, has seen its market capitalization soar past $3.3 billion, with trading volumes exceeding $1.45 billion.

Notably, PEPE’s meteoric rise has outshined other meme cryptocurrencies, including Bonk (BONK), which recorded a commendable 10.27% increase. Meanwhile, Shiba Inu (SHIB is experiencing a hike of 3% and Dogwifhat (WIF) experienced a gain of 8%. This collective surge in meme coin values has contributed to a significant uptick in the segment’s aggregated market capitalization, targeting a $50 billion.

The impact of PEPE’s surge extends beyond its price performance alone. With its trading volume surpassing $1.45 billion, PEPE has now claimed the ninth spot in terms of overall trading volume, displacing XRP from its previous position. This shift underscores the growing influence and popularity of meme coins within the broader cryptocurrency landscape.

However, PEPE’s rapid ascent hasn’t been without its share of volatility. The surge in its price led to the liquidation of $5.6 million worth of futures positions, with a notable majority (71%) being shorts. Despite this, the overall sentiment surrounding meme coins appears bullish, with investors flocking to capitalize on the promising gains offered by these unconventional assets.

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