Can PEPE Be the Next Shiba Inu? Analyst Chips In While Wall Street Memes Dominates

Pepe ($PEPE) is back in the green after the token’s price soared nearly 100% last week.

With investors now scrambling to buy $PEPE before the next upwards push, market commentators are deliberating whether the token can move past Shiba Inu ($SHIB) – and even rival Dogecoin ($DOGE)

However, it’s not just Pepe making moves, with trailblazing meme coin Wall Street Memes ($WSM) continuing to turn heads during its ongoing presale phase.

Huge $PEPE Trading Volume Fuels Speculation of $SHIB Takeover

Data from CoinMarketCap reveals that the total $PEPE trading volume hit $167 million in the past 24 hours – 51% higher than the $SHIB trading volume.

This metric highlights just how popular $PEPE really is and adds credence to the hypothesis that the token could take the number two spot in the meme coin market.

For this to happen, $PEPE would need to exceed Shiba Inu’s $4.3 billion market cap – which means the token would have to more than 7x in size from its current position.

Although this might seem like a tall order, many market commentators believe it could be possible.

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In fact, just last month, crypto analyst cryptunez tweeted that he “fully expects” $PEPE to flip $SHIB within one year.

Additionally, YouTuber Crypto Millie released a video analysis of $PEPE, speculating that the token could surpass $SHIB’s valuation before 2025.

However, even though some analysts are highly bullish on $PEPE’s prospects, it’s unlikely that the token could rival Dogecoin anytime soon.

Dogecoin’s market cap is nearly 15 times larger than Pepe’s – meaning the latter’s tokenomics would have to drastically change for it to topple $DOGE’s dominance.

Pepe Comeback Shows No Signs of Stopping as NFT Sales Skyrocket

Regardless, $PEPE is undoubtedly back on the right track following a period of sustained bearish momentum.

The token’s comeback has inspired an array of new meme coins to enter the market and attempt to mirror $PEPE’s returns.

Pepe 2.0, the latest competitor to $PEPE’s throne, has burst onto the scene in the past 24 hours – generating over $10.8 million worth of trading volume, per CoinMarketCap.

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Although Pepe 2.0 has no actual use cases, the token has still benefited from the speculative nature of the crypto market and the vast community interest in $PEPE.

However, the good news for $PEPE holders is that these copycat coins are ultimately reinforcing the popularity and appeal of the original meme coin.

Another factor playing into $PEPE’s comeback is the recent launch of Pepe Elementals – a brand-new NFT collection hosted on the Ethereum blockchain.

According to OpenSea, 104 ETH worth of these NFTs has exchanged hands in the past day, equating to a remarkable $192,631.

Which Other Meme Coins Could Dominate the Market?

Alongside $PEPE, several other meme coins are emerging and vying for market dominance.

Wall Street Memes, a new project inspired by the WallStreetBets Reddit movement, is one of these meme coins – and has now raised nearly $11 million in early funding.

Wall Street Memes Presale Stirs Investor Excitement After Raising Nearly $11m

At the time of writing, Wall Street Memes ($WSM) is in Stage 19 of its 30-stage presale phase, meaning nearly two-thirds of the token allocation has already been snapped up.

Investors worldwide have been coming in droves to get their hands on $WSM tokens, given that they’re being offered at a discounted price relative to the future CEX listing price.

Not only that, but investors have also been clamoring to participate in Wall Street Meme’s airdrop event – which will see $50,000 worth of $WSM split between five lucky winners.

To participate in this event, investors must join the official Discord server and complete several social media-related tasks.

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This airdrop event has contributed to the buzz around Wall Street Memes, which has already reached fever pitch.

Twitter influencer Crypto Jamie has become a brand ambassador, while nearly 10,000 people have opted to join the Wall Street Memes Telegram community.

These factors provide a solid foundation for price growth once $WSM is launched on exchanges in the coming weeks.

Although there’s no telling where price could go, the signs are already there that $WSM could rival $PEPE in the meme coin market during the latter half of 2023.

Visit Wall Street Memes Presale

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