TL:DR;
PEPE continues to make the headlines as it broke its November all-time high yesterday and charted a fresh one following a 20% daily surge.
Although it has closed the gap with Shiba Inu in terms of market cap, it’s still pretty significant. However, the question arises of whether it can become the second-biggest in its niche.
PEPE vs SHIB
CryptoPotato reported yesterday PEPE’s impressive run. After a few weeks of sideways trading and even retracements from its November 13 peak, the meme coin went on an impressive run that resulted in tapping a new high of over $0.000026.
Although it has lost some traction since then, PEPE is still well above $0.000025, and its market cap is just shy of $11 billion. This is still far from SHIB’s $19 billion, but PEPE has continuously outperformed in the past month with gains of 135% compared to Shiba Inu’s more modest 70%.
This has led the community to speculate on whether it is a question of when and not if PEPE will surpass SHIB and become the second-largest meme coin by market cap.
there is no timeline where $pepe doesn’t flip shib this cycle.
global pepe recognition and mindshare is too big, absolutely inevitable imo. pic.twitter.com/EzZU9IE2oE
— Bluntz (@Bluntz_Capital) November 17, 2024
During its surge on Saturday, PEPE also managed to outplace SHIB in terms of trading volume, and by a significant margin, according to on-chain data.
$PEPE is now the 5th most traded cryptocurrency, excluding stablecoins, with an almost 3x larger 24-hour volume than $SHIB. pic.twitter.com/NgBL6QIoC0
— Chandler Bing (@chandlerbingpl) December 7, 2024
What Does ChatGPT Say?
While the community is highly bullish now for PEPE, perhaps driven by the hype from the latest ATH, we decided to ask the popular AI chatbot about its opinion on the matter. It admitted that PEPE has “demonstrated significant growth potential in 2024,” adding that it has “frequently outperformed Shiba Inu (SHIB) in various timeframes.”
It noted that PEPE has attracted substantial whale activity and high trading volumes, but Shiba Inu’s ecosystem, including the Layer-2 network, “provides it with more tangible utility than PEPE, which primarily relies on community momentum and market hype.”
Consequently, ChatGPT concluded that such a flippening is ‘unlikely,’ at least in this timeframe.
“While analysts expect strong gains for PEPE, Shiba Inu’s entrenched position as a larger and more established meme coin makes a complete flip unlikely in the short term unless a significant shift occurs in their respective ecosystems.”
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