What are the developments in PEPE coin and Dogecoin (DOGE), two of the rising altcoins in 2023? Will the general crypto market experience an upward momentum?
DOGE Price Movement!
After a staggering 1000% increase on October 28, 2021, SHIB outpaced DOGE for a brief moment, reaching a peak value of $41.1 billion. During this period, Dogecoin’s market value was at $31.5 billion. However, the near-vertical rally reduced in the following weeks, and Dogecoin reclaimed its top position in the memecoin category. Currently, Dogecoin ranks ninth in the cryptocurrency field in terms of market value, while Shiba Inu is trading at less than half the value of Dogecoin.
A new participant in this segment, Pepecoin, an ERC-20 frog-themed token on Ethereum, was launched on April 15 and made it into the top 100 cryptocurrencies by market value. PEPE also led the sector’s gains during the most recent crypto rally amidst the flurry of Bitcoin exchange-traded fund filings in the US.
The token’s gains were further bolstered by hints from US-based Gemini exchange about a potential listing of PEPE crypto. The 100% increase recorded by PEPE from $0.000000833 to $0.00000167 within less than a week on June 20 may stem from hopes for future listings on US exchanges like Coinbase.
PEPE Performance!
While PEPE is enjoying its bullish momentum, let’s take a look at its comparative performance with DOGE over the past two months. Pepecoin made a name for itself in May 2023, leading the memecoin charade on Ethereum. Although there have been previous attempts for frog-themed tokens and non-fungible tokens (NFTs), this version became particularly popular in a very short time.
Pepecoin peaked on May 6, reaching 13.8% of Dogecoin’s market value, but has been on a downward trend ever since. In terms of trading volumes, PEPE led DOGE during the memecoin interest period on Ethereum. PEPE reached high levels exceeding $1.5 billion, about four times that of DOGE. However, Pepecoin‘s trading volume decreased after the memecoin interest cooled down and fell below Dogecoin’s. Potential listings on US-based exchanges could increase Pepecoin’s trading volumes in the coming months.
