Pepe price has done well recently as demand from investors jumped and as Ethereum surged above the resistance point at $2,000. The token jumped to a high of $0.00001535 earlier this month, up by over 150% from its lowest point this year.
Pepe Coin continues to outperform Shiba Inu, the second-largest cryptocurrency. SHIB has remained above 43% from the year-to-date low. It is also seeing higher demand from investors, as its 24-hour volume jumped to $1.7 billion compared to Shiba Inu’s $244 million.
This article explores whether the Pepe token will overtake Shiba Inu in terms of market capitalization this year.
Can Pepe Coin Surpass Shiba Inu in Market Capitalization?
CoinGecko data show that Pepe has a market cap of over $5.6 billion, an impressive figure for a coin that was started a few years ago. This valuation is lower than the all-time high of $10 billion, which it reached in December last year.
In comparison, Shiba Inu Coin has a market cap of over $8.6 billion, down from its all-time high of over $41 billion in November 2021.
Read more: Shiba Inu Price to Jump 40% as Shibarium Stages a Comeback
Therefore, Pepe token needs to jump by 53.57% for its market capitalization to get to Shiba Inu’s valuation of $8.6 billion. In this case, the coin needs to rise to $0.00002067, its highest level since January.
This view assumes that Shiba Inu’s price remains at the current level, which is unlikely if Pepe is trending upwards. Historically, the two tokens tend to move in the same direction since they are Ethereum meme coins.
However, there are signs that Pepe has faster momentum than Shiba Inu, meaning that odds of surpassing it are substantial. A good example of this is the developments within the Solana meme coin ecosystem, where Fartcoin moved from nowhere to become the third-biggest player.
Pepe Price Technical Analysis
Pepe chart | Source: TradingView
The daily chart shows that the Pepe Coin price has bounced back recently and is now trading at $0.000013. It has formed a mini golden cross pattern (a bullish signal where a short-term moving average crosses above a long-term moving average) as the 50-day and 100-day moving averages form their crossover. This pattern is a popular bullish continuation sign.
Pepe price has also formed a bullish flag chart pattern, comprising of a vertical line and consolidates, forming a falling wedge, a bullish reversal sign.
Therefore, the coin will likely have a strong bullish breakout this week, with the next point to watch being at $0.00002067, up by 57% above the current level. This view will be confirmed if it rises above this month’s high of $0.00001535.
Pepe Coin could surpass Shiba Inu if the forecast plays out and Shiba Inu continues to consolidate or decline.
Read more: Top Crypto to Watch this Week: Solana, Pi Network, Trump Meme Coin
