TL;DR
PEPE hit a new all-time high on May 15 with a market cap nearing $5 billion, making it the third-largest meme coin.
It could become the leading asset in its realm if it maintains its price momentum, gains community support, and receives influential endorsements (according to ChatGPT).
What Are PEPE’s Chances?
The frog-themed meme coin – Pepe (PEPE) – has gained even more popularity in the past few days thanks to its rapid price increase. As CryptoPotato reported, it hit a new all-time high on May 15, whereas its market capitalization neared the $5 billion mark. The surge positioned PEPE as the third-largest in the meme coin realm, trailing behind Dogecoin (DOGE) and Shiba Inu (SHIB).
We decided to ask ChatGPT whether its rally can continue throughout 2024 and whether it can become the leader of its cohort.
The AI-powered chatbot outlined several essential factors that can trigger such a flippening, with market momentum being the main one:
“If PEPE continues its current trend of significant price increases and outperforms other meme coins in terms of market cap and trading volume, it could become the leading meme coin.”
Other necessary elements include community support and endorsement from influential figures. It is worth noting that a study conducted at the end of last year positioned Shiba Inu (SHIB) as the meme coin with the most solid supporter base, while PEPE was third.
Speaking of support from prominent individuals, one should mention that Dogecoin (DOGE) is the favorite cryptocurrency of Tesla’s CEO, Elon Musk. This might be among the reasons why the asset is the most dominant meme coin.
Not long ago, though, one of the wealthiest people posted a controversial picture on X depicting a frog dressed as a soldier. Some industry participants described the activity as a pro-PEPE move.
PEPE’s Success in Just a Year
The meme coin saw the light of day in April 2023, turning into a sensation almost immediately. The interest in it rapidly increased in the following months, coinciding with its price rally and support from leading cryptocurrency exchanges.
Some giants allowing trading services with PEPE include Binance, Bybit, OKX, Coinbase, Bitget, and many more.
The token’s impressive ascent in a short period of time enabled savvy traders to make substantial profits. However, investors should also keep in mind the volatile nature of PEPE and the entire meme coin sector before entering the ecosystem, as they may experience devastating losses. If you want to protect yourself from some common mistakes related to the matter, please check our dedicated video below:
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