PEPE 2.0 enters the memecoin fight, will DOGE, SHIB give in?

30 June 2023

in DOGE

Reading Time: 5 mins read

PEPE 2.0’s price-gaining spree was coming to an end as its price gaining was slowing down
PEPE, DOGE, and SHIB were also able to increase their values in the last 24 hours

The memecoin game just got interesting as a new contender has just entered the picture. PEPE 2.0, the latest addition to the meme space, has created much hype with its achievements right after the launch.

However, considering the adoption and usability of blockchains’ like Shiba Inu [SHIB] and the popularity of other memecoins’ such as Dogecoin [DOGE] and Pepe [PEPE], does Pepe 2.0 stand a chance?

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Realistic or not, here’s PEPE market cap in BTC‘s terms

A new contender is here!

PEPE has already made enough news in terms of its price gains and popularity over the past few months. But now a new memecoin has entered the market that has captured the attention of many.

PEPE 2.0 did not only overtake the market but also registered growth of more than 1000% since its launch. The memecoin’s exponential growth suggested that it could soon compete with the top memecoins that are dominating the market. However, things changed soon, and its upward momentum was halted.

As per CoinMarketCap, PEPE 2.0’s price witnessed a 57% surge in the last 24 hours. At the time of writing, it was trading at $0.0000000752 with a market capitalization of over $2.7 million.

Where does PEPE 2.0’s precursor stand?

While PEPE 2.0 registered a decline in its performance, PEPE maintained its gains. As per CoinMarketCap, the memecoin registered a price increase of more than 10% and 5% in the last seven days and 24 hours, respectively. At press time, it was trading at $0.0000000752 with a market capitalization of over $655 million, making it the 65th largest crypto.

Interestingly, after a decline, PEPE’s supply held by top addresses also registered an uptick after a decline, which looked bullish. Additionally, PEPE’s Market Value to Realized Value (MVRV) Ratio also followed the same increment trend. This indicated that the possibility of a further uptrend was still likely.

Source: Santiment

A quick look at the memecoin space

While the PEPE gang outshined the rest, SHIB and DOGE’s price action also turned bullish as both of them registered a price uptick. According to CoinMarketCap, SHIB’s price went up by nearly 3%, while DOGE’s price increased by more than 4%.

A look at Santiment’s chart revealed that sentiment around SHIB and DOGE both turned positive last week. This was evident considering the weighted sentiment of both the memecoins.

However, the possibility of PEPE 2.0 and PEPE taking over the other two big shots remained questionable considering their use cases and market capitalization.