Pepe Coin (PEPE-USD) is the newest meme crypto making the rounds and some traders are wondering if it has the power to take down Shiba Inu (SHIB-USD).
Pepe Coin saw massive growth over the weekend and that resulted in its market capitalization approaching $600 million. That makes it the third-largest meme coin on the market, behind Dogecoin (DOGE-USD) in first place and SHIB in second.
While PEPE is still behind SHIB in market cap, that may not last for long. Investors in the token are noting that its trading volume has already beaten Shiba Inu out at $415 million over the prior 24-hour period. For the record, SHIB’s trading volume is $110 million while DOGE’s is $279 million as of this writing.
What This Means for Pepe Coin
That jump in trading volume could result in further gains for PEPE as investors remain excited about the meme token. Considering that it has bypassed SHIB and DOGE on this front, it could be here to stay rather than just the latest fad.
For the record, PEPE is giving up some of its recent gains. The meme token’s market capitalization has dropped to about $463 million as of this writing. That comes with 24-hour trading volume dropping about 10%. This also has the token down 6.3% over the last 24 hours.
Crypto traders seeking out more of the latest market news will want to keep reading!
We’ve got all of the hottest crypto news that investors need to know about on Tuesday! A few examples of that coverage includes cryptos to buy and sell as well as ones worth keeping an eye on. You can catch up on all of this news at the following links!
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On Low-Capitalization and Low-Volume Cryptocurrencies: InvestorPlace does not regularly publish commentary about cryptocurrencies that have a market capitalization less than $100 million or trade with volume less than $100,000 each day. That’s because these “penny cryptos” are frequently the playground for scam artists and market manipulators. When we do publish commentary on a low-volume crypto that may be affected by our commentary, we ask that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
