Pepe Outperforms Shiba Inu and Dogecoin, Surging by 100% in One Week
In a surprising turn of events, the memecoin Pepe (PEPE) has outshone its competitors, Shiba Inu (SHIB) and Dogecoin (DOGE), in the weekly rankings. Over the past seven days, the frog-themed coin has surged by 100%, while SHIB saw a 20% increase.
Meanwhile, DOGE managed to register a 22% gain within the same time frame. Furthermore, PEPE has witnessed a remarkable 96% surge over the past 14 days and a 73% increase compared to the previous month. Notably, Pepe achieved a 24-hour trading volume of $450 million. Additionally, the developers have announced the burning of 6.9 trillion USD worth of PEPE tokens from the multi-signature wallet CEX.
The recent surge in PEPE’s value may be attributed in part to these significant token burns. However, the primary driving force behind the current market upheaval is still Bitcoin, particularly the Bitcoin ETF spot, from which altcoins like PEPE may reap benefits.
The surge in BTC is likely due to the anticipation of the approval of a Bitcoin ETF spot in the United States. Moreover, BTC is approaching the next Halving cycle, set for April 2024. These price surges may have prompted investors to secure this asset ahead of the expected price increase.
The Question Looms: Will Pepe Continue to Flourish?
Nevertheless, PEPE recently experienced a 28% daily correction in its chart. Moreover, as a memecoin, it does not have many real-world use cases. Most investors who purchase memecoins like PEPE do so with a short-term investment perspective.
Investing in PEPE is considered to be significantly riskier compared to SHIB and DOGE, which at least have their own blockchains and diverse ecosystems. DOGE, in particular, is the oldest memecoin in existence, with nearly a decade under its belt. It boasts a vast and devoted fan base and is famously supported by billionaire Elon Musk.
Furthermore, the current market continues to closely follow the developments surrounding Bitcoin ETF spot, and this trend is likely to persist in the near future. While PEPE may continue to see gains, it will largely depend on the trajectory of Bitcoin’s value.
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