Pepecoin, a frog-themed ERC-20 token on Ethereum, has emerged as a potential challenger to Dogecoin’s dominance in the memecoin sector. The token gained popularity in May 2023, leading the memecoin hype on Ethereum. Although the chart resembles the standard crypto pump-and-dump scheme, Pepecoin’s recent price action suggests that it could be the newest contender to Dogecoin in the memecoin segment.
Pepecoin vs. Dogecoin
Dogecoin has been the dominant player in the memecoin space for years, with many copycats of dog-themed tokens, such as Shiba Inu and Floki, trying to challenge its position over the years. However, they eventually faded, and Dogecoin reclaimed its top spot in the memecoin category.
Pepecoin, however, has managed to make it to the top 100 coins by market capitalization and has led the sector’s gains in the latest crypto rally amid a flurry of Bitcoin exchange-traded fund fillings in the United States. The token’s gains were accentuated by hints dropped by the U.S.-based Gemini exchange of a potential Pepecoin listing.
Pepecoin’s rise to fame was swift, becoming particularly popular in a very short time span. The token peaked at 13.8% of Dogecoin’s market capitalization on May 6. However, it has been in a down-only trend since then.
Pepecoin’s trading volumes led Dogecoin during the memecoin hype on Ethereum, but the token’s trading volume dried up after the memecoin hype cooled down, falling below Dogecoin. The potential listing on U.S.-based exchanges could likely improve Pepecoin’s trading volumes over the coming months.
While Pepecoin enjoys certain advantages over Dogecoin, such as residing natively on Ethereum, which means it can see future integrations with Ethereum’s decentralized finance and NFT ecosystem, and having a fixed supply of 420.69 trillion, it still has a long way to go before it becomes a mainstream memecoin like Dogecoin.
Moreover, Dogecoin enjoys a first-mover advantage and network-effort dominance, having been around for over eight years, while Pepecoin is only a couple of months old.
Pepecoin has emerged as a potential challenger to Dogecoin’s dominance in the memecoin sector. Although it has certain advantages over Dogecoin, including residing natively on Ethereum and having a fixed supply, it still has a long way to go before it becomes a mainstream memecoin like Dogecoin. The potential listing on U.S.-based exchanges could likely improve Pepecoin’s trading volumes over the coming months, making it a coin worth keeping an eye on.