Pepe price has had a strong performance since its inception in 2023. The meme coin surged to a record high of $0.000172 this week, giving it a market cap of over $6.3 billion. It has now become the third-biggest meme coin in the world after Dogecoin and Shiba Inu.
Why meme coins are soaring
Pepe has grown this much because of its strong demand among users. According to CoinMarketCap, over 45% of the Pepe tokens are held by whales with smaller investors holding the rest. Also, most of the holders of the tokens are held by cruisers, who have owned it for between one and 12 months.
Traders are always looking for the next top meme coins that could explode in popularity. Over the years, they have watched Dogecoin’s market cap surge to over $23 billion and Shiba Inu’s value jump to more than $16 billion.
Further, traders have watched how these meme coins trade during crypto bull runs. In the past, meme coins outperform big coins like Bitcoin, Ethereum, and Litecoin when cryptocurrencies are doing well.
That happens because of the lower notional value of these tokens compared to the bigger ones. Bitcoin was trading at $68,000 on Thursday while Pepe was going for just $0.000015. As such, a trader can buy over 600k Pepe tokens with just $10 and 0.0014 Bitcoins.
Still, as warned on Wednesday, there is a possibility that the cryptocurrency industry will go through another winter. That’s because the Fed may decide to maintain interest rates higher for longer and the most important news of the year has happened.
The SEC has already approved Bitcoin and Ethereum ETFs while the Bitcoin halving happened in April. There is also the risk of manipulation in the meme coin industry. Pump and dump and wash sales are common in the market.
Top Pepe alternatives
If you missed out on the Pepe token, there are other alternatives to consider, but it’s important to remember the inherent risks. One of these alternatives is BRETT, a new meme coin on the Base Blockchain. BRETT could likely become the next big thing, as it is a pioneer in a fast-growing chain, similar to how Shiba Inu and Bonk did. BRETT’s market cap has surged to almost $1 billion.
The other top meme coin to consider is dogwifhat (WIF), which has become the biggest token in the Solana ecosystem with a market cap of over $3.7 billion. Data shows that WIF has over 144k active wallets.
Book of Meme (BOME) and Popcat are the other top meme coins that could become huge in the next bull run. BOME has a market cap of over $981 million and over 80k holders while Popcat has almost 50k holders.
The other alternatives to Pepe (PEPE) that could do well in the future are Memecoin (MEME), Turbo, Cat in a Dogs World (MEW), and Degen.
