PEPE Emerges as a Contender Against SHIB Amid Meme Coin Market Growth

This week, the meme coin market witnessed significant shifts as PEPE gained momentum against top contenders like Shiba Inu (SHIB) and Dogecoin (DOGE). While DOGE and SHIB experienced over 3% declines in the last 24 hours, PEPE recorded a 4% surge, signalling its growing challenge to SHIB’s dominance.

Market data from CoinMarketCap revealed that PEPE led the weekly growth, climbing 26.14% to $0.00002617. By comparison, DOGE increased by 3.26%, trading at $0.45, and SHIB grew 4.27%, reaching $0.00003116. The meme coin market capitalization reached $146 billion, with an impressive $27.7 billion daily trading volume.

Other notable coins, including FLOKI, dogwifhat (WIF), and Popcat (POPCAT), also showed strong weekly performance. However, these tokens faced slight declines over the past day, with WIF dropping 3.27%, FLOKI losing 1.18%, and POPCAT down 3.16%.

Baby Doge Achieves Remarkable Weekly Gains

Baby DogeCoin (BabyDoge) delivered an exceptional performance, surging by 31% within the week. This rally elevated its market cap to $859 million and moved it into the 12th spot among meme coins. The social media buzz around BabyDoge intensified, with its X account reporting a doubled holder count in just 15 hours.

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Currently trading at $0.085666, BabyDoge remains 13.46% below its all-time high of $0.086355. Despite this, the coin has seen a 274.06% increase since December 2023. Analysts noted a nearly flat Accumulation/Distribution line, suggesting reduced volatility shortly. However, the Moving Average Convergence/Divergence indicator pointed to a bearish divergence, hinting at a potential price correction after its recent surge.

PEPE’s Potential to Surpass SHIB and DOGE

PEPE’s remarkable 26.14% weekly growth has reignited speculation about its ability to surpass SHIB in market cap. Unlike SHIB and DOGE, PEPE has sustained upward momentum despite broader market challenges.

Newer meme tokens like Mog Coin (MOG) and BabyDoge are also gaining attention, creating fresh competition in the meme coin space. As the hype around meme coins continues, these rising stars position themselves as challengers to established leaders like SHIB and DOGE.

Meme Coin Market Outlook

The meme coin market remains highly active, with significant trading volumes and price fluctuations. While tokens like BabyDoge and PEPE capture investor interest, the sector continues to be marked by volatility. However, growing social media engagement and steady demand suggest that meme coins will remain essential to the cryptocurrency ecosystem.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.