• 29 May, 2024
News

Shiba Inu Reclaims Market Cap Supremacy, Pepe (PEPE) Faces Utility Shortage

In a thrilling turn of events, Shiba Inu (SHIB) has surged ahead of Pepe (PEPE) in market capitalization, reestablishing its dominance among meme-themed cryptocurrencies. Over the weekend, PEPE-USDT perpetual futures on Binance witnessed a staggering open interest of nearly $70 million, with short positions surpassing longs.

Notably, the crypto data aggregator Kaiko published the details regarding the PEPE-USDT perpetual futures on Binance::

Pepe, initially created to rival SHIB and ride the wave of market excitement, is now facing a utility shortage that has dampened the spirits of its community members. The vibrant atmosphere that once surrounded PEPE has been overshadowed by concerns over its practical applications, causing a noticeable decline in popularity.

Once touted as the contender set to outperform the dog-themed token phenomenon, PEPE’s market cap has plummeted below the $700 million mark during the ongoing market dip. The colossal retreat of PEPE from its ark rival, SHIB, has been swift, leaving many astonished at the speed of its decline compared to other assets.

The surge of PEPE was marked by a frenzy of hype and memes, captivating the attention of crypto enthusiasts and investors alike. However, as the initial excitement fades, the limitations of PEPE’s utility have come to the forefront, causing a shift in sentiment among market participants.

With SHIB reclaiming its position of favor, PEPE’s journey to challenge the dominance of dog-themed tokens has hit a roadblock. The community awaits developments that could reignite PEPE’s allure and reinvigorate its market presence.

As the crypto landscape continues to evolve, the rivalry between SHIB and PEPE stands as a testament to the unpredictable nature of the market. Whether PEPE can regain its momentum and recapture the imagination of investors remains uncertain, but for now, SHIB reigns supreme in the meme token arena.

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