According to recent data from CoinGecko, Pepe (PEPE) has surpassed Shiba Inu (SHIB) in trading volume as of April 30.
Pepecoin recorded a 24-hour trading volume of $93.9 million while Shiba Inu reported a trading volume of $69 million. This coincided with a 67% spike in the price of PEPE.
The rise of Pepe signals a shift in the crypto community as it takes over the spotlight from the once-popular darling of meme coin aficionados.
Pepe, a cryptocurrency featuring the notorious internet meme character Pepe the Frog as its mascot, experienced a massive increase in value within two days of its debut in April. Its market capitalization has now surpassed $234 million.
The coin has no specific use and is primarily hype-driven, drawing comparisons to previous meme coins like Dogecoin and Shiba Inu. Many have accused it of being a pump-and-dump scheme.
Pepe aims to dethrone the popular Inu-based cryptocurrencies and establish itself as the king of meme coins. Launched without any presale or taxes, Pepe features a burned liquidity pool and renounced contract.
Its three-phase road map emphasizes growth, community engagement and expanding its reach. Key milestones include initial listings, community partnerships, merchandise, educational resources, exchange listings and a goal of more than 100,000 holders to achieve a "meme takeover."
Shiba Inu had previously experienced significant trading volume during its peak popularity in October 2021, when it surpassed $1 billion. The canine-inspired token became the most-traded cryptocurrency on Coinbase, America's largest exchange.
However, the token's popularity has taken a big hit since then. SHIB is still 88.05% from reclaiming its record high.