PEPE has attracted much attention over the past few days, with the last 24 hours taking the memecoin’s total market cap to upwards of $3 billion. A recent pullback hasn’t damaged the coin’s bullish record much.
Investors and traders seem very interested in PEPE lately. From a contextual point of view, it’s noticeable that many people think the coin’s still on an upward trend. There have been rumours and debates on whether PEPE can mount a significant bull run to dislodge Shiba Inu (SHIB) as a top meme coin.
PEPE Market Dynamics
For starters, PEPE’s total supply is drying up, and that means more demand to come as the market forces play their part. The PEPE stats on CoinMarketCap show a 24.6% jump in total market cap over the last 24 hours to reach a high of $3.44 billion. This is after a surge towards the $4 billion mark, followed by a pullback to the current mentioned figures.
Regarding circulating supply, PEPE has a maximum of 420.69 trillion coins. All of these coins are already in circulation at the time of this writing. The coin’s bullish outlook is backed up by an RSI of 66 and a 50 EMA at $0.0000079.
Can PEPE Beat Shiba Inu?
As mentioned, PEPE’s popularity has given rise to a notion that it could soon outrank Shiba Inu. Currently, PEPE sits at position 42 in the charts while SHIB is at position 12—according to data on CoinMarketCap. SHIB has had a strong market and support community for a long time, and PEPE would have to perform much more spectacularly to present a tough treat to SHIB.
However, it’s worth noting that PEPE is becoming more popular, and many analysts and investors are becoming interested in its market. At the time of this writing, the coin trades at around $0.000007881. Watching PEPE as the larger crypto market prepares for the coming Bitcoin halving will be interesting.
