The success and popularity of Pepe Coin (PEPE) has seen it referred to as the Dogecoin of this cycle. This is no surprise given that the cryptocurrency ran from a market cap of less than $30,000 to over $1.2 billion in less than one month. However, the question now remains, if PEPE is the DOGE of this cycle, what is the next SHIB?
Ladys Crosses $100 Million In One Day
Just like what was recorded with Dogecoin and Shiba Inu back in 2021, another phenomenon is now taking place in the market. Once again, it has been triggered by billionaire Elon Musk who has long been a fan of meme coins.
On Wednesday, Musk tweeted out a meme of a Milady NFT, the community rumored to be behind the now infamous PEPE meme coin. The tweet sparked the growth of a new meme coin called Ladys whose rally was even more impressive than that of PEPE.
— Elon Musk (@elonmusk) May 10, 2023
In just one day, the Ladys token crossed the $150 million market cap with over $100 million in volume already. The effect of Elon Musk’s tweet on the meme coin has been apparent with almost 10,000 holders already, a testament to the massive growth of the coin.
The coin has since seen a correction in its price bringing its market cap down. But it is still trending at $112 million, a notable increase from the below $100,000 market cap the coin began its journey. This impressive growth and the fact that it was triggered by Elon Musk has sparked speculation in the crypto community on Twitter that it might be the next SHIB.
Meme Coins Take A Hit As PEPE Retraces
The mini-meme coin run that was experienced over the last month was triggered by the growth of PEPE. However, the trend seems to be dying down as PEPE has lost over 50% of its all-time high value so far. As a result, the other meme coins created to capitalize off its hype are also suffering as well.
PEPE on its own has seen its market cap decline to $600 million over the last week following its Binance listing. Although it is still seeing significant trading volumes during this time, which continues to encourage investors through the downtrend.
Top meme coins such as Dogecoin and Shiba Inu are also not left out of the onslaught with both trading in the red over the last week. As a result, the total meme coin market cap is currently sitting at $17.5 billion, a 1.5% decline in the last day.
