Just on Monday we talked about the new meme coin Pepe Coin falling when its market cap reached $2 Billion. This news article you can find here.
There are some factors that led to this situation. First of all, an internet meme coin, PEPE coin (PEPE), has surged in popularity, dominating the category only 18 days after its launch with a daily trading volume of approximately $2 billion. However, despite these impressive figures, PEPE coin is still far behind the top two dog-themed meme coins, DOGE and SHIB, whose 24-hour trading volumes peaked at around $70 billion and $40 billion, respectively.While PEPE coin may have potential for growth, experts at Santiment suggest that the coin’s liquidity and retail participation in the market still lags behind DOGE and SHIB.
A recent report from Santiment indicates that the decline in memecoin value can be attributed to the collapse of prominent crypto companies such as FTX, 3AC, Voyager, and affiliated banks.
And despite a significant social boost from its PEPE meme, this currency still lags behind DOGE and SHIB in mainstream media coverage. As per CoinMarketCap data, the current market value of memecoins is $17.26 billion, with a daily trading volume of $1.1 billion, with DOGE and SHIB holding over $15 billion of the total market capitalization. Here we understand that the gap between these three meme coins is too huge to be rid of quickly.