Meme Coin's rivalry is intensifying, with Shiba Inu at risk of losing its place as the second largest Meme Coin.
Since early 2022, Shiba Inu has maintained its position as the second largest meme coin behind Dogecoin. However, Shiba Inu's dominance in the memecoin market is currently under threat from the rise of rival Pepe.
Pepe and Shibi in the market gap
Nakamoto Pepetosi, a supporter of popular memecoin, referenced data from CompareMarketCap to show how close Pepe is to overtaking Shib.
Recent performance
The close gap between Shiba and its rivals has been tightened as Shiv has lost a significant portion of its value in the past few months.
Due to context, Shiv lost 42.7% of its value from the beginning of the year. It also fell sharply at 9.13% over the past 30 days and 10.96% over the past 7 days alone.
Similarly, Pepe announced a big loss in the same time frame. Frog-themed tokens have declined by 51.2% over the past 30 days, 15.7% over the past 30 days, and 13.7% over the past week.
However, while Pepe has registered 18.13% of meetings over the past year, Shib has dropped by 17.67% over the same time frame.
Pepe is 1.74X from flipping the Shib
Meanwhile, the latest data from CompareMarketCap reveals that the gap has grown by 1.74 times, indicating that Pepe needs a 74% meeting to surpass Shiv. This marked $0.0000097 after Pepe's price fell 9.44% in the past day, and its market capitalization also fell to $40.9 billion.
However, Shiba Inu has only plummeted 6.94% in the last 24 hours. It currently trades at $0.00001,211 and has a market capitalization of $71.5 billion.
