Pepe the frog-faced meme coin has surpassed the leading canine-faced meme coin Shiba Inu, considered a DOGE Killer’ in 2021. In trading volume, Pepe coin is only behind Dogecoin in trading volume, and Shiba Inu falls in the third position with a much lesser trading volume in 2023.
Although the price of SHIB has been consolidating between $0.000009 and $0.000012 in the last few months, the trading volume is declined. Experts believe the meme traders want spikes and news to gather a direction for trading, so Pepe currently has both aspects that Shiba Inu lacks. Read this post to learn the comparison between the Pepe coin and Shiba Inu.
Shiba Inu: A Closer Look
Shiba Inu is a cryptocurrency created in August 2020 by an anonymous individual or group called “Ryoshi.” This dog-themed cryptocurrency is named after the Japanese Shiba Inu dog breed, which is known for its loyalty and playfulness.
Shiba Inu gained popularity in early 2021, largely due to the success of Dogecoin (DOGE), another dog-themed cryptocurrency. Many people saw Shiba Inu as a potential “next Dogecoin” and invested in this meme coin, increasing its price.
Indeed, Shiba Inu has a few different applications. One of the main use cases is as a speculative investment. Many people invested in Shiba Inu, hoping its value would increase over time, much like Bitcoin or other cryptocurrencies.
However, the SHIB’s price suffers due to a lack of use cases, so developers came up with ShibaSwap, a decentralized exchange where users can trade SHIB to earn rewards and provide liquidity by staking. This DeFi system also has features like Fetch, Dig, and Bury. Moreover, users can swap between SHIB and BONE tokens to use this new coin in the Shiba Inu ecosystem.
Pepe Coin: An Overview
Pepe launched in April of this year with a mascot of popular internet sensation Pepe, the frog. However, it has brought the meme coin season as it has become the talk of the town, surpassing the second-largest meme coin Shiba Inu in trading volume.
Pepe may not be a reliable coin because it started this rally without significant news or real-world use cases. It is a hype-driven rally which is very similar to a pump-and-dump scheme, and there could be complex problems due to liquidity issues if the trading volume decreases after a few months. Experts focus on the difference between real cash and the valuation of assets.
Indeed, starting a meme coin in Ethereum smart contract is easy, but attracting trading volume is difficult, but Pepe coin has made it possible within the first month after some high-profile purchases that started the growth of the community. It is the early stage of this coin, so the future of this growth is uncertain.
Trading Volume: Analysis and Comparison
The new meme coin Pepe surpassed the trading volume of Shiba Inu in April. Pepe saw a 67% spike in price and a 253% rise in trading volume. This reflects a shift from Shiba Inu to the new meme coin with a notorious internet meme character Pepe, the frog. As a result, it has increased its market capitalization, which has now surpassed $230 million.
However, some meme coins spiked in the first few years after listing, but only popular meme coins like Dogecoin or Shiba Inu had significant news for the rise. Experts believe there is no such news for Pepe, so this massive spike may not last long and can be a pump-and-dump scheme, so retail investors should be aware of such a hype-driven price rise.
The Pepe price shot up from $0.00000002764 to an all-time high of $0.000000823, depicting itself as a king of meme coins. However, Shiba Inu supporters also witnessed a similar spike in trading volume in October 2021 when it surpassed $1 billion.
The sudden rise of new meme coins suggests Pepe is getting the attention of the crypto community. It has a trading volume of $215 million, ranking just behind Dogecoin, which has $254 million and far above its competitor Shiba Inu ($72 million). However, the reliability of Pepe is still unknown.
Is SHIB Over?
Indeed, the trading volume of Shiba Inu has gone down, but that does not mean the time is over for SHIB because it is still the second-largest meme cryptocurrency in terms of market capitalization and 3rd based on trading volume. Moreover, it has a proven (time-tested) track record over the new alternative coin, Pepe. So if you want to invest in Shiba Inu, read the SHIB price prediction to get a long-term view of the next few years.
Future Outlook
The future of Pepe coin is still uncertain because it is a newcomer in the meme coin world, but Shiba Inu can be a better choice for investors because it will consolidate between $0.0000091 to $0.00002 in 2023. If it continues its momentum, then you can expect the price to be around $0.00004 in 2025, and the SHIB price will cross $0.0001 in 2030, so you can expect a decent return if you invest in SHIB. However, these are algorithmic SHIB price predictions excluding market sentiment and socio-economic factors.
Conclusion
You should research both Shiba Inu and Pepe coins before investment because many investors believe meme coins may not provide good returns compared to the leading coins like BTC and ETH. So consult with your financial expert before investing in meme coins.