A few months ago, PepeCoin (PEPE) came and went, bringing quick, unimaginable riches to early investors and turning latecomers into reluctant bag holders. While the chart resembles the standard crypto pump-and-dump scheme, PEPE’s price action this week suggests that the frog-themed token could be the newest contender to Dogecoin (DOGE) in the memecoin sector.
Dogecoin has dominated the memecoin space for years, with many copycats like Shiba Inu and Floki challenging its position over the years but eventually fading. Recently, PepeCoin rose to prominence, leading the memecoin hype on Ethereum. While there have been previous attempts at frog-themed tokens and NFTs, this version of ERC-20 became particularly popular in a very short span.
PepeCoin enjoys certain advantages, such as residing natively on Ethereum, which can see future integrations with Ethereum’s decentralized Finance (DeFi) and NFT ecosystem. Moreover, it has a fixed supply of 420.69 trillion versus Dogecoin, which uses a Proof-of-Work (PoW) consensus mechanism that has a fixed yearly issuance of 5 billion coins.
However, based on its market capitalization and popularity on Google, PepeCoin still has a long way to go before it becomes a mainstream memecoin like Dogecoin. On top of that, Dogecoin enjoys first-mover advantage and network effort dominance of over eight years, while PepeCoin is only a couple of months old.
Recently, PepeCoin picked up momentum with the latest bullish move in Bitcoin above $30,000, leading the market’s gains with a 100% increase from a valuation of $393 million to $786 million. Its market share in terms of Dogecoin’s market capitalization increased by 1% to 7% on June 23.
Regarding trading volumes, PEPE led DOGE during the memecoin hype on Ethereum. However, PepeCoin’s trading volume dried up after the memecoin hype cooled down, falling below Dogecoin. The potential listing on U.S. based exchanges could likely improve PepeCoin’s trading volumes over the coming months.
The Google keyword search trend for Dogecoin and PepeCoin shows that the interest in PepeCoin nearly reached par with Dogecoin in the first week of May. However, the volume of “PepeCoin” searches on Google has subsided since then, with “Dogecoin” maintaining a seven to eight times higher average.
In conclusion, while PepeCoin has shown promising signs and could present a challenge for Dogecoin in the memecoin sector, it still has a long way to go. Dogecoin’s first-mover advantage, network dominance, and higher trading volumes provide it with a strong foundation to maintain its leading position.
Source: Cointelegraph
