Pepecoin, a frog-themed token on Ethereum, rose to prominence in May 2023, leading the memecoin hype on Ethereum. While many copycats of dog-themed tokens, such as Shiba Inu and Floki, have challenged Dogecoin’s position over the years but eventually faded, Pepecoin could be the newest contender to Dogecoin in the memecoin sector.
Pepecoin’s Performance Compared to Dogecoin’s
Pepecoin peaked at 13.8% of Dogecoin’s market capitalization on May 6. However, since then, it has been in a down-only trend. The token picked up momentum with the latest bullish move in Bitcoin, leading the market’s gains with a 100% increase from a valuation of $393 million on June 20 to $786 million on June 23. The token’s market share in terms of Dogecoin’s market capitalization increased from 6% to 7% on June 23.
Pepecoin’s Advantage Over Dogecoin
Pepecoin has certain advantages over Dogecoin, including that it resides natively on Ethereum, which means it can see future integrations with Ethereum’s decentralized finance and NFT ecosystem. Moreover, Pepecoin has a fixed supply of 420.69 trillion, while Dogecoin uses a proof-of-work consensus mechanism and has a fixed yearly issuance of 5 billion coins.
While Pepecoin enjoys bullish momentum and certain advantages over Dogecoin, it still has a long way to go before it becomes a mainstream memecoin like Dogecoin. On top of that, 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. However, the potential listing on U.S.-based exchanges could likely improve Pepecoin’s trading volumes over the coming months.