Ringoshi Toitsu, a prominent Unification fund operator and validator, has seemingly endorsed Pepe, a meme coin competing with Shiba Inu.
It should be noted that Unification, a blockchain development firm, is the main developer of Shibarium, a layer-2 solution for the Shiba Inu cryptocurrency. Some have speculated about whether or not Unification will embrace Pepe in the future.
Launched earlier this year, Pepe has been gaining significant traction, presenting a challenge to Shiba Inu's and Dogecoin's dominance on the meme coin scene.
Toitsu took to Twitter to express his views on the role of meme coins in the crypto world. He highlighted Pepe alongside Shiba Inu and Dogecoin as "gateway drugs" that introduce new users to the world of cryptocurrencies. The fun and easy-to-understand approach of these meme coins attracts users who quickly become crypto-savvy, exploring other options for profit and growth.This endorsement from a key figure associated with Shiba Inu's development has added an interesting dynamic to the meme coin competition. While it's unclear whether Toitsu's tweet was meant as a direct endorsement or merely an observation, the fact that Pepe is now on the radar of influential industry players cannot be ignored.
Recently, Pepe's trading volume nearly doubled that of Shiba Inu, reaching $380 million, according to CoinGecko data.
Despite concerns about Pepe's controversial mascot and accusations of the project being a scam, the cryptocurrency continues to gain traction, potentially due to its ambitious roadmap that aims to dethrone other popular meme coins.
It remains to be seen how the rivalry between Pepe and the two leading meme coins will play out as the former continues to gain more recognition.