Memes, web jokes, and in style tradition references have turn out to be an integral a part of on-line communities. Due to this, cryptocurrencies inevitably gave start to a brand new wave of property known as “memecoins.” Whereas some argue that these cash are only a fad, others may additionally consider of their potential to deliver monetary acquire to their traders.
One of the crucial in style memecoins that was just lately launched is a frog-themed token known as PEPE. The token has gained traction amid the bear market and garnered a variety of help from numerous members of the group regardless of its official web site saying “the coin is totally ineffective and for leisure functions solely.”
In line with its creators, PEPE is on a mission to “make memecoins nice once more” a play on former United States president Donald Trump’s political slogan, make America nice once more. The challenge additionally expressed its intent to surpass dog-inspired meme cash that “have already got had their day” and have Pepe, which they argue to be essentially the most recognizable meme on the earth, take its place because the “king of memes.”
Because it makes its approach to the highest, PEPE has to surpass the present king that sits on high of the charts for memecoins–Dogecoin. In a Cointelegraph Twitter ballot again on April 25, DOGE nonetheless remained on high when Twitter was requested what they assume could have the largest market capitalization in 2025. Nevertheless, PEPE got here in shut and claimed second place.
$PEPE group getting ready for Twitter polls: pic.twitter.com/SeTRgAdf5s
— Cointelegraph (@Cointelegraph) April 25, 2023
PEPE and Dogecoin (DOGE) have their similarities and can inevitably carry out in another way from one another. Each crypto tokens gained a major following and had been created for the same purpose which is leisure. Nevertheless, the distinction lies of their journey to a $1 billion market capitalization and performances after hitting the market capitalization.
Dogecoin’s journey to the highest of the memecoin world
Dogecoin was created 4 years after the genesis block of Bitcoin (BTC) was mined. It was created by software program engineers Billy Markus and Jackson Palmer, making an attempt to poke enjoyable on the cryptocurrency house.
The memecoin first gained traction in January 2014 because it reached a market capitalization of $60 million. 4 years later, the token’s market capitalization reached $1 billion for the primary time because the coin’s value reached $0.0100.
Days after DOGE hit the milestone, the cryptocurrency proceeded to pump as much as $0.0175, bringing its market capitalization to $1.98 billion earlier than falling to a $784 million marketcap, when the worth fell to $0.0069 again on January 16, 2018.
Nearly 4 years later, the crypto had one other run, breaking its earlier report. On Might 8, 2021, the token reached a market capitalization of $88 billion as its value reached an all-time excessive of $0.7315 per token. The worth motion is often related to the bull run of 2021-2022 the place token costs soared as BTC reached new highs.
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Opposite to the expectations of its founders, DOGE turned one of the crucial distinguished cryptocurrencies to ever exist. On the time of writing, the token sits on a $10 billion market capitalization, surpassing tokens like Solana (SOL) and Polygon (MATIC) which arguably have extra use instances than DOGE.
PEPE’s efficiency after hitting a $1 billion marketcap
In contrast to DOGE, which took virtually 4 years earlier than reaching the milestone, PEPE gained recognition in a short time. Simply three weeks after its launch, the meme-inspired crypto virtually immediately shot as much as $1 billion market capitalization. The token gained help and received listed in numerous exchanges from Bybit as much as Binance.
The token carried out fairly equally to DOGE after hitting the $1 billion mark. After attending to $1 billion on Might 5, the up-and-coming memecoin additionally virtually reached a $2 billion marketcap on the identical day. Nevertheless, after reaching $1.82 billion in market capitalization, the token’s marketcap shortly plummeted to $725 million on Might 9.
On the time of writing, the token trades at $0.00000192 per token with a market capitalization of $800 million.
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