SHIB & DOGE Face Unexpected Competition as PEPE Grows 399.9%

The memecoin frenzy continues with the frogs taking over, but for how long?

Tired Shiba Inu is resting in the desert as weirdly smiling half-naked Pepe The Frog approaches.
  • Pepe the Frog-themed crypto inks 399.9%, leading the memecoin rally.
  • Shiba Inu and Dogecoin both slipped by 6% while Bonk gathered comeback efforts.
  • David Gokhshtein argues that PEPE is following the pattern of another memecoin.

Pepe the Frog is no longer under the radar. The iconic meme has become a cryptocurrency soaring in triple digits. PEPE entered the TOP 300 by global market cap after a day of being tracked on CoinGecko.

On top of that, the independent crypto market price aggregator also shows Wojak (WOJAK), a token based on another famous internet meme, surging 158.7% in the last 24 hours. 

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Accompanied by Kermit the Frog (KERMIT), these three new coins based on popular memes overshadowed the recent dog-themed memecoin rally as neither DOGE, SHIB, nor FLOKI reached triple-digit gains during the run.

Gokhshtein: Some Coins Are Irreplaceable

Memecoin-focused emerging crypto entrepreneur David Gokhshtein took to Twitter to assure his audience that Pepe (PEPE) is not a suitable replacement for Dogecoin (DOGE). While doubling down with claims that Pepe is unlikely to grow into a popular project like Shiba Inu (SHIB), Mr. Gokhshtein sees much resemblance between PEPE and BONK.

Indeed, the Solana-based Bonk outpaced both Dogecoin and Shiba Inu during its first two weeks. During the wild bull run for BONK in early 2023, Bonk inked 4,424% in the green, while SHIB reached the same milestone in 141 days.

However, the supersonic first-week bull run doesn’t necessarily mean the crypto project is destined for long-term success. In many cases, it means quite the contrary; as investors lose interest, the price movement calms down. 

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Indeed, Bonk’s success quickly faded, almost falling out of the TOP 1000 by global market capitalization. It recently returned with 50% gains in a day, as the canine crypto is still constantly used as a tipping coin in the SOL community.

On the Flipside

  • The recently emerged PEPE is in danger of a lawsuit for copyright infringement, as the creator of the original Pepe meme has a troubled relationship with crypto and hasn’t given his consent to use the intellectual property.

Why You Should Care

Memecoins often spark altcoin rallies and generate social mentions for crypto.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.