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- Frog themed memecoin PEPE has reflipped WIF in market capitalization.
- This is a major shift from last months trend, underscoring the growing popularity of PEPE.
Pepecoin (PEPE), a popular memecoin in the crypto ecosystem recently experienced a resurgence in its price after short-term volatility. At the moment, PEPE’s market capitalization doubled to $6.4 billion, leaving speculations on whether a $0.00001751 is in sight for the memecoin.
PEPE Re-flips Dogwifhat
PEPE’s market cap is now twice that of Dogwifhat (WIF), another popular memecoin in the crypto space. While the market cap of PEPE stands at over $6 billion, WIF trails behind with a market cap of $3 billion. This movement is a reversal from the statistics in May when WIF had a higher market cap than PEPE.
Crypto analyst Stats describes the recent trend as PEPE re-asserting itself as “the daddy memecoin of the cycle.” The analyst continued by questioning his X followers about potential causes for PEPE’s reflip. An X commenter with the user name @broke0x said the re-flip was prompted by the fact that PEPE is well-recognized and ingrained in online culture.
“Also, there was a fair bit of apathy in the PEPE meme, it ran to $1.3bn a year ago when volume was completely dead. That apathy has been replaced by a great deal of enthusiasm,” the commenter added.
In early May, $WIF had a higher market cap than $PEPE, but Pepe has completely re-asserted itself as the daddy memecoin of the cycle, with now nearly 2x the WIF market cap. What drove the re-flip? pic.twitter.com/6wf5DidIm0
— Stats (@punk9059) June 1, 2024
PEPE holders began to lose hope around the start of the year, especially when rival memecoins saw substantial increases in value. The reverse has now become the case for Pepecoin as PEPE has been on an upward trajectory since May 15.
PEPE’s price displayed several higher highs and higher lows on the charts throughout this time, indicating a positive trend. As formerly reported by Crypto News Flash, PEPE rose to 60% in the past week.
This positive momentum was, however, weakened by PEPE’s Relative Strength Index (RSI) dropping to 43.75. Additionally, the PEPE Chaikin Money Flow (CMF) dropped to -0.09, indicating a capital outflow.
Is $0.00001751 in Sight for PEPE Memecoin?
At press time, PEPE was trading at $0.00001525, demonstrating a 4.8% surge in the past day. The trading volume also increased by 36% to $1.6 billion in the same timeframe, suggesting renewed interest from investors.
Whether PEPE will continue on this positive sentiment and even reach $0.00001751 this cycle will be determined by several factors like social activity and sentiments surrounding the token.
Recent data from on-chain analytical platform Santiment reveals a surge in the social volume for PEPE over the last few weeks. If this trend continues, it could help sustain the momentum for PEPE’s potential rally to $0.00001751.
However, troubles due to overall sentiment around the memecoin could hinder its upward movement. For instance, the weighted sentiment turned to extremely low from extremely high in only a few days. To provide context, weighted sentiment is the measure of the ratio of positive to negative comments.
Nonetheless, PEPE saw an all-time high of $0.1717 in May. Therefore, PEPE’S potential to see its price rise to $0.00001751 this cycle shouldn’t be a difficult thing to do.
