In a recent newsletter, Delphi Digital analyst and Twitter personality @cryptunez predicted that the Pepe price would continue to rise, eventually overtaking Shiba Inu as the second-largest meme coin. Currently, with a market cap of roughly $750 million following Binance’s latest round of FUD regarding paused withdrawals, Pepe’s price has experienced a 65% correction from its blow-off top.
According to @cryptunez, in order for Pepe to surpass Shiba Inu in market capitalization, its current price would need to multiply by seven. Shiba Inu’s valuation has significantly declined in recent weeks, with its market cap now hovering just above $5 billion. Shiba Inu’s perceived overvaluation and lack of originality, labeled by @cryptunez as an “overvalued, unoriginal DOGE clone,” could also contribute to its decreasing market cap.
On the other hand, Pepe’s maximum supply of 420 trillion tokens ensures an attractively low price for investors seeking a high supply, low-cost asset. These factors, combined with the possibility of an impending crypto bull run, lend credibility to the notion that Pepe could overtake Shiba Inu within one year.
@cryptunez’s perspective on Dogecoin, however, is more neutral to bullish. While he does not offer a specific Dogecoin price prediction, he believes that if an investor wants to purchase a dog-themed coin, Dogecoin is the logical choice. Dogecoin, with a market cap of $10 billion, currently holds the eighth position among cryptocurrencies.
The analyst contends that Shiba Inu’s original appeal as a low-cost asset with high supply and potential for significant returns has waned. He argues that the Shiba Inu price has entered a bearish downtrend since it reached an all-time high market cap of over $40 billion in October 2021. He predicts that Pepe, with its unique value proposition, could capitalize on this momentum and eventually surpass Shiba Inu.
While both Pepe and Shiba Inu represent unconventional investments in a volatile and rapidly evolving cryptocurrency market, it’s essential for investors to consider the potential risks and rewards associated with these meme coins. As with any investment, rigorous research, consideration of market trends, and the assessment of individual risk tolerance are crucial components of successful investment strategies.
As we look ahead to 2023, the meme coin market remains a dynamic space filled with established and emerging players. The recent addition of $SPONGE, the number one “hot pair” on DEXTools, and two upcoming meme coin presales scheduled for 2023 exemplify the continuous expansion and development of this niche market. Whether Pepe will indeed surpass Shiba Inu in the coming year remains to be seen, but one thing is certain: the meme coin market will continue to generate excitement and debate among crypto enthusiasts.
Source: Cryptonews
