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Amid the ongoing price rebound by some meme coins, the race to maintain dominance and attract investors has intensified. Frog-themed meme coin Pepe (PEPE) is currently leading the price metrics with a more than 5% increase in 24 hours compared to Dogecoin (DOGE) and Shiba Inu (SHIB).
PEPE outpaces DOGE and SHIB in price performance
CoinMarketCap data, as of this writing, shows that PEPE was changing hands at $0.00001375. This represents a 6.71% increase in the last 24 hours. Meanwhile, the general crypto market has only managed a 0.72% increase within the same time frame.
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This shows that PEPE is leading or driving liquidity in the broader market. The frog-themed meme coin also outshines other notable rival projects like DOGE and SHIB.
DOGE is currently trading at $0.3328 and has only registered a 0.62% increase in price. Although it is a significant jump from its previous low of $0.3258, this has not helped its price performance.
SHIB’s price rose by 3.43% to $0.00001924 within the same time frame. The dog-themed meme coin has struggled to break the $0.0000195 price level. Over the past 96 hours, each attempt to breach the critical resistance has failed.
Comparatively, PEPE has climbed past its $0.000013 resistance within the same period.
What’s fueling PEPE’s rally?
PEPE’s has been attributed to recent activities in the ecosystem within the past few days. Notably, Pepe has made waves in Japan by gaining a listing on Bitflyer, a major exchange in the country. This marks a huge development in Pepe’s global expansion quest.
Analysts believe the news could have created bullish sentiment among market participants and fueled investors’ confidence. This renewed interest might have supported PEPE’s growth in price metrics compared to other meme coins.
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Interestingly, as reported by U.Today, the trio of PEPE, DOGE and SHIB posted a remarkable price rebound a little over 24 hours ago. The development sparked conversations as to whether meme coins were making a comeback.
Market observers are still monitoring their price movement, but Pepe is clearly in the lead.
Source: https://u.today/pepe-outshines-dogecoin-and-shiba-inu-heres-possible-reason