Pepe Token Soars 65%, Threatens to Overtake Rival Meme Coin, Says Analyst

Highlights

• Meme coin Pepe has soared 65% in the past week.
• One analyst says it could surpass rival meme coin Shiba Inu in market cap.
• Gemini is rumored to be preparing a Pepe coin listing.

There’s a new meme coin sheriff in town. Pepe, a play on the famous meme Pepe the Frog, is the latest meme coin to emerge in the cryptocurrency market. PEPE has soared 65% in the past week alone despite being off its highs.

Trading volume in the last 24 hours has surpassed $1.2 billion, with much of the trading unfolding on Binance, KuCoin and decentralized exchange Uniswap. The leading trading pairs are PEPE/USDT and PEPE/WETH.

Pepe has taken the cryptocurrency industry by storm and given investors something to get excited about in an otherwise prolonged crypto winter.

With a market cap of $770 million, Pepe coin is currently ranked as No. 58 on CoinMarketCap. This compares with Dogecoin and Shiba Inu’s rankings of No. 8 and No. 15, respectively. However, if one analyst is right, Pepe could soon knock Shiba Inu, a spin-off of Dogecoin, off its perch.

Twitter account Cryptunez (Tunez), with over 154,000 followers, has made a prediction about Pepe coin. According to him, the meme coin’s impact on the crypto market “cannot be understated.”

Tunez believes that Shiba Inu, with a market cap of $5 billion, is overvalued, pointing to the coin’s monetary policy as evidence. He believes that Pepe is the new low-supply coin, given its supply of 420 trillion tokens compared with Shiba Inu’s 1 quadrillion.

Tunez expects that Pepe will overtake Shiba Inu in the market cap rankings within one year.

Gemini Exchange-Fueled Rally

U.S. cryptocurrency exchange Gemini, founded by Tyler and Cameron Winklevoss, appears to have caught Pepe Coin fever. Rumors have been swirling that Gemini is preparing to list Pepe to the list of altcoins it supports.

 

👀 pic.twitter.com/4YFhQ6tuxM

— Gemini (@Gemini) May 9, 2023

Gemini fueled that speculation on Tuesday by tweeting a meme featuring Pepe the Frog. The exchange’s interest in the meme coin is the latest catalyst behind the pump in the Pepe price.