Meme cryptocurrency Pepe (PEPE) has shown a staggering rate of growth in recent weeks, outpacing popular meme coin Shiba Inu (SHIB), according to crypto analytics firm Messari.
The firm reported that the average value per holder for PEPE, calculated by the market cap value per holder, shows a similar but accelerated growth pattern when compared to SHIB.
Pepe holders have been seeing immense profits, with the altcoin displaying a nearly 5,000,000% rise in just a few weeks.
This remarkable increase culminated in a peak price of $0.00000431, giving the coin a market cap of $1.8 billion, just over three weeks after its issuance in mid-April.However, since reaching its zenith, the PEPE token has corrected and is currently trading down nearly 62%.
Adding to PEPE's remarkable performance, a viral tweet highlighted the speed at which PEPE reached a $1 billion market cap. It took PEPE just 19 days to hit this milestone, a feat that took SHIB 279 days, Ethereum (ETH) 287 days, Bitcoin (BTC) 1,579 days and Dogecoin (DOGE) a staggering 2,585 days. This underlines the extraordinary pace of PEPE's growth.
Yet, despite these promising numbers, it is important to highlight the volatile and unpredictable nature of the cryptocurrency market, particularly when it comes to hype-driven meme coins. PEPE's rapid rise has captured attention, but investors should be aware of the inherent risks associated with these types of investments. The swift drop in PEPE's value after its peak demonstrates the susceptibility of these coins to rapid value fluctuations.
It remains to be seen whether Pepe will be able to have another massive comeback like SHIB in late 2021.