Memes, Internet jokes, and popular culture references have become an integral part of online communities. Because of this, cryptocurrencies essentially spawned a new wave of assets called “memecoins”. While some argue that these coins are just a fad, others may also believe in their ability to bring financial gains to their investors.
One of the most popular memecoins launched recently is a frog-themed token called PEPE. The token has gained traction amid the bear market and received a lot of support from various members of the community despite its official website Saying “The coin is completely worthless and is for entertainment purposes only.”
According to its creators, PEPE is on a mission to “make Memecoins great again”, a play on former United States President Donald Trump’s political slogan, Make America Great Again. The project has also expressed its intention to cross dog-inspired meme coins that “already had their day” and have Pepe, who they argue is the most recognizable meme in the world, as the “King of Memes”. I take my place.
As it claws its way to the top, PEPE has had to surpass the current king that sits at the top of the charts, Memecoin-Dogecoin. In a Cointelegraph Twitter poll on April 25, when Twitter was asked what would be the largest by market capitalization in 2025, DOGE still came out on top. However, PEPE came close and claimed second place.
$PEPE The community is preparing for Twitter polls: pic.twitter.com/SeTRgAdf5s
— Cointelegraph (@Cointelegraph) April 25, 2023
PEPE and Dogecoin (Doge) they have similarities and will inevitably perform differently from each other. Both the crypto tokens have gained a significant following and were created for a similar reason which is entertainment. However, the difference lies in their journey to a market capitalization of $1 billion and the performance after hitting the market capitalization.
Dogecoin’s journey to the top of the memecoin world
Dogecoin was created four years after the genesis block of bitcoin (B T c) was mined. It was created by software engineers Billy Marcus and Jackson Palmer, attempting to poke fun at the cryptocurrency space.
Memecoin first gained traction in January 2014 as it reached a market capitalization of $60 million. Market capitalization of the token after four years reached $1 billion The coin price reached $0.0100 for the first time.
Days after DOGE reached the milestone, the cryptocurrency proceeded to pump up to $0.0175, taking its market capitalization to $1.98 billion before falling to a $784 million marketcap when the price plummeted to $0.0069 on January 16, 2018. Went.
Nearly four years later, the crypto had another run, breaking its previous record. On May 8, 2021, the coin reached a market capitalization of $88 billion as its price reached an all-time high of $0.7315 per coin. The price action is usually associated with the 2021-2022 bull run, where the coin price spikes as BTC reaches new highs.
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Contrary to the expectations of its founders, DOGE has become one of the most prominent cryptocurrencies to ever exist. At the time of writing, the token sits at a $10 billion market capitalization, surpassing tokens such as Solana (Fifth note of musical scale) and polygon (diplomatic) which arguably have more use cases than DOGE.
PEPE performance after $1 billion market capitalization
Unlike DOGE, which took almost four years to reach the milestone, PEPE gained popularity very quickly. Just three weeks after its launch, the meme-inspired crypto almost instantly Reached $1 billion market capitalization, The token gained support and got listed on various exchanges from Bybit to Binance.
The token performed quite similarly to DOGE after hitting the $1 billion mark. After reaching $1 billion on May 5, up-and-coming Memecoin also reached a market cap of nearly $2 billion on the same day. However, after reaching $1.82 billion in market capitalization, the token’s market capitalization dropped sharply to $725 million on May 9.
At the time of writing, the token trades at $0.00000192 per token with a market capitalization of $800 million.
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