Pepe Looks To Replace SHIB As Meteoric Rise Continues
PEPE has garnered significant attention recently, with the total market capitalization of the meme coin soaring to over $3 billion in the last 24 hours. Despite experiencing a slight pullback, this bullish performance remains largely intact.
Market Dynamics Of PEPE
To begin, the total supply of PEPE is diminishing, suggesting an imminent increase in demand as market dynamics unfold. According to CoinMarketCap data, the total market cap for the meme coin surged by 24.6% in the past 24 hours, reaching a peak of $3.44 billion. This surge was followed by a pullback, settling at the aforementioned figures.
In terms of circulating supply, PEPE currently boasts a maximum of 420.69 trillion coins, all of which are already in circulation. Supporting its bullish outlook are indicators such as an RSI of 66 and a 50 EMA standing at $0.0000079.
Can PEPE Surpass SHIB?
The growing popularity of PEPE has sparked speculation that it could potentially surpass Shiba Inu (SHIB). Presently, PEPE holds the 42nd position on the charts, while SHIB holds the 12th position, according to CoinMarketCap. SHIB has maintained a robust market presence and supportive community for an extended period, necessitating PEPE to deliver a significantly more impressive performance to pose a formidable challenge to SHIB.
In any case, investors and traders are showing heightened interest in PEPE, indicating a prevailing sentiment that this upward trajectory continues. Speculation and discussions have emerged regarding whether PEPE can initiate a substantial bullish surge to challenge SHIB as a leading meme coin.
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