TL:DR;
- PEPE continues to make headlines as it broke its November all-time high yesterday and posted a new one after a 20% daily rise.
- Although it has closed the gap with Shiba Inu in terms of market capitalization, it is still quite significant. However, the question arises whether it can become the second largest in its niche.
PEPE vs SHIB
CryptoPotato He reported yesterday on the impressive trajectory of PEPE. After a few weeks of sideways trading and even pullbacks from its November 13 peak, the meme coin had an impressive run that resulted in hitting a new high of over $0.000026.
Although it has lost some traction since then, PEPE is still well above $0.000025 and its market capitalization is just shy of $11 billion. This is still far from SHIB’s $19 billion, but PEPE has continually outperformed last month with gains of 135% compared to Shiba Inu’s more modest 70%.
This has led the community to speculate whether it is a matter of when and not if PEPE will overtake SHIB and become the second largest meme coin by market capitalization.
there is no timeline where pepe no shib changes this cycle.
Pepe’s recognition and global mentality are too great, absolutely inevitable in my opinion. pic.twitter.com/EzZU9IE2oE
– Bluntz (@Bluntz_Capital) November 17, 2024
During its surge on Saturday, PEPE also managed to surpass SHIB in terms of trading volume, and by a significant margin, according to network data.
$PEPE is now the fifth most traded cryptocurrency, excluding stablecoins, with 24-hour volume almost 3 times greater than $SHIB. pic.twitter.com/NgBL6QIoC0
– Chandler Bing (@chandlerbingpl) December 7, 2024
What does ChatGPT say?
While the community is now very optimistic about PEPE, perhaps driven by the hype of the latest ATH, we decided to ask the popular AI chatbot for his opinion on the matter. He admitted that PEPE has “demonstrated significant growth potential in 2024,” adding that it “has frequently outperformed Shiba Inu (SHIB) over various time periods.”
He noted that PEPE has attracted substantial whale activity and high trading volumes, but the Shiba Inu ecosystem, including the Layer-2 network, “provides it with more tangible utility than PEPE, which relies primarily on community momentum and market hype.”
Consequently, ChatGPT concluded that such a change is “unlikely”, at least in this time period.
“While analysts expect strong gains for PEPE, Shiba Inu’s entrenched position as a larger and more established meme coin makes a complete turnaround unlikely in the near term unless a significant change occurs in their respective ecosystems” .
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