Battle of the memecoins: Will Dogecoin or PEPE come out on top in the future?

taketonews

• New cryptocurrency PEPE aims to outperform dog coins
• Parallels between DOGE and PEPE
• The crypto community sees PEPE as the second meme coin in the future

“The dogs are done, it’s time for Pepe to take over,” reads the cryptocurrency PEPE’s official website. The memecoin is based on the comic character “Pepe der Forsch”, which was created by artist Matt Furie in 2005 and has now become one of the most well-known memes on social networks. The coin PEPE now apparently wants to transfer this success to the crypto sector and repeat it there. According to the official website, he describes himself as the “most memorable memecoin there is” and wants to help “make memecoins great again”. The reference to the former campaign slogan of donald trump It shouldn’t be a coincidence, because the green frog Pepe was used as a meme by the alt-right movement in the 2016 US presidential election campaign, among other things. Pepe has also existed as a cryptocurrency since April 14, 2023 – and has at least eclipsed Dogecoin with its performance in recent weeks.

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Comparable development at DOGE and PEPE – just at a different pace

According to Cointelegraph, at the beginning of May 2023 – and thus only around three weeks after its launch – PEPE had already reached a market capitalization of one billion US dollars. This quickly rose to almost two billion US dollars before the memecoin price collapsed again – and all within a few days. The market capitalization of the cryptocurrency is currently around 596 million US dollars, with a PEPE costing 0.00000152 US dollars (as of May 18, 2023).

The rise of PEPE has so far been much faster than that of the Dogecoin, which can currently be considered the most successful memecoin. The DOGE was created back in December 2013. The original goal of the dog coin was to poke fun at the cryptocurrency sector, but gradually DOGE gained popularity among investors itself. Still, it took around four years for the Dogecoin to surpass the billion dollar mark in market cap for the first time in early 2018. Similar to PEPE, the market capitalization then rose relatively quickly to almost two billion US dollars before a slump followed. In the wake of the rally in the crypto sector and the repeated mentioning of the currency by the Tesla boss Elon Musk However, DOGE reached a record high of $0.7315 per coin in May 2021 and a market cap of around $88 billion. A DOGE currently costs 0.07232 US dollars, the market capitalization is around 10.1 billion US dollars (as of May 18, 2023). This puts the original fun coin at “CoinMarketCap” in eighth place among the largest cryptocurrencies. However, PEPE also made it into the top 100 within a few weeks and is currently in 69th place (as of May 18, 2023).

Both PEPE and DOGE as a memecoin with no specific use

The rapid success of PEPE can probably be attributed, among other things, to the fact that the coin was listed on “CoinMarketCap” shortly after its launch and, according to “Cointelegraph”, the world’s largest crypto exchange Binance already enables trading in Pepe tokens. Elon Musk also recently shared a Pepe meme. However, it remains questionable whether it also supports the cryptocurrency.

On the official website, however, the – anonymous – makers of the coin themselves warn that PEPE is completely useless and is only for entertainment. “$PEPE is a memecoin with no intrinsic value or expectation of financial return. There is no formal team or roadmap,” it says. However, there is a roadmap on the website that divides the future path into the three phases “meme”, “mood and HODL” and “meme takeover”, although it remains quite vague.

The fact that memecoins have no special use is not uncommon and is due to their nature as a parody of established cryptocurrencies. An investment in them is therefore almost always highly risky, as their prices can fluctuate wildly and they could therefore also be used for pump-and-dump scams – a problem that applies to many cryptocurrencies with a low profile or market capitalization. Five addresses were also noticed at PEPE that, according to “Cointelegraph”, would be connected to the team behind the memecoin and would have sold off their token holdings almost completely as part of the sharp increase in value – of course with profits in the millions.

Crypto fans have high hopes for PEPE

However, the crypto community seems to continue to rely undeterred on PEPE at the moment. In a Twitter poll by Cointelegraph, users were asked to vote on which memecoin would have the largest market cap in 2025. The result is quite impressive: Although DOGE ended up in first place, PEPE follows at a small distance in second place, leaving other memecoins such as SHIBA INU and Floki Inu well behind.

PEPE continues to be very popular with the community. Whether the memecoin is a scam or short-lived hype, or whether the cryptocurrency will actually be able to assert itself in the long term, cannot really be foreseen at the moment due to its young age. While DOGE has already proven itself over the past few years and is now more comparable to traditional cryptocurrencies than other memecoins, according to “Business Insider”, the frog coin has yet to show that it has the potential to become the king of memecoins.

Editorial office finanzen.net

Image sources: CKA / Shutterstock.com, Maurice NORBERT / Shutterstock.com



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