Pepe (PEPE), a beloved memecoin in the cryptocurrency industry, has overtaken altcoins Uniswap (UNI) and Litecoin (LTC) to climb closer to the higher ranks of the world's most valuable crypto assets by market cap.
The memecoin's feat is a significant one for the crypto market, considering how it is just the third meme token after Dogecoin (DOGE) and Shiba Inu (SHIB) to ever come close to the market capitalization of top altcoins.
$PEPE Joins $DOGE, $SHIB at Top 25
For starters, altcoins are not the same as memecoins. Altcoins are "alternative coins" because they either have true utility or a lot of utility potential, whereas meme tokens are generally launched so crypto users can have fun and build engagement.
On CoinGecko's ranks of the world's largest crypto assets by market value, Pepe has climbed to the 23rd spot. By comparison, SHIB is comfortable at the 13th spot, while DOGE is on a higher pedestal on 7th, just behind Binance's BNB coin.
PEPE first overtook LTC, which has a market cap of $9.4 billion, then it also flipped UNI, whose market cap is at $10.4 billion. The memecoin, which was based off of Pepe the Frog on Matt Furie's popular comic "The Boy's Club," now has a market value of over $10.7 billion. A day earlier, it hit $11 billion.
With just over $1 billion more, PEPE will also be able to flip Hedera (HBAR), which recently got a price boost after Canary Capital filed to issue what could be the first HBAR exchange-traded fund (ETF).
PEPE has had a spectacular year, increasing by over 1,486% and paving the way for the major memecoin to join the higher ranks of the crypto pyramid. It has also been rallying by over 3% in the last 24 hours amid a 26% spike in the last seven days. Trading volume around the meme token skyrocketed above $1.2 billion in the last day.
Can $PEPE Deliver and Someday Challenge $SHIB or $DOGE?
Loyal PEPE holders have believed in the token's ability to rise above the rest, but over the weekend, there has been much excitement and expectations are only climbing higher.
Plazma, a well-followed figure in the crypto space, said earlier Sunday that PEPE had the "best looking chart in crypto right now."
Pepe memecoins have since flooded X, including one where the popular comic character is seen defeating tech titan Elon Musk in an arm wrestling match, suggesting that PEPE will have the capacity to overtake DOGE in the future.
While such hopes aren't impossible, given the volatility and wild price actions of meme-based tokens, it is worth noting that DOGE is worth a staggering $63 billion, while SHIB, its closest rival, is at $17.5 billion.
Before PEPE even challenges DOGE, it has to flip SHIB, which has had its ups and downs but has not given up its second-best spot for the longest time.
