Pepe Becomes Only The Third Memecoin After Dogecoin And Shiba Inu To Reach $7B Market Cap, Adds $4B In May Alone
Portfolio Pulse from Aniket Verma
Pepe (PEPE) has become the third memecoin to reach a $7 billion market cap, adding $4 billion in May alone. The Ethereum-based cryptocurrency has gained 135% over the month and returned 12X year-to-date. High trading volumes and whale activity indicate strong investor interest.
May 27, 2024 | 3:24 am
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NEGATIVE IMPACT
Dogecoin (DOGE) may face increased competition from Pepe (PEPE) as it becomes the third memecoin to reach a $7 billion market cap.
Pepe's rapid rise and significant market cap could divert investor interest and capital away from Dogecoin, potentially impacting its price negatively.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Shiba Inu (SHIB) might see a shift in investor interest towards Pepe (PEPE) as it reaches a $7 billion market cap.
Pepe's impressive performance and market cap achievement may lead to a reallocation of investments from Shiba Inu to Pepe, potentially affecting SHIB's price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Ethereum (ETH) benefits from Pepe's (PEPE) success as the memecoin is based on the Ethereum blockchain, potentially increasing network activity and value.
As Pepe is an Ethereum-based token, its success could lead to increased transactions and activity on the Ethereum network, positively impacting ETH's value.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 60