A pseudonymous cryptocurrency analyst believes that the surge in the price of Pepe Coin PEPE/USD will continue until it overtakes Shiba Inu SHIB/USD to become the second-largest meme coin.
What Happened: ‘Cryptunez' told his 154,500 followers on Twitter that the "impact of Pepe Coin on the crypto [market] cannot be understated".
The analyst went on to explain that the current environment is vastly different from before, where it has now become normalized for influencers to shill, and even launch, meme coins.
See More: Is Bitcoin a Good Investment?
Comparing Pepe to Shiba Inu, Cryptunez described SHIB as an "overvalued, unoriginal doge clone who touts fake utility."
The analyst said that the main selling point of Shiba Inu has always been it’s high supply of 999 trillion tokens, “making it the cheapest coin that appeals to retail traders when the inevitable bull run returns.”
However, Pepe, “with a supply of 420T tokens has a high enough supply to take SHIB’s place as *the* low price token," the analyst tweeted.
Why It Matters: Cryptunez further added that SHIB, with a market cap of $5B, is not only the most overvalued asset in crypto but in the world. "If you want to buy a dog coin, you buy Dogecoin DOGE/USD. if you want to buy a low supply coin, you buy PEPE."
According to Cryptunez, the money has already been made on SHIB, and it is now "simply a dinosaur meme coin" that has lost its appeal and value in the competitive market of attention. The only "narrative left for SHIB is that it is overvalued garbage heading towards $0.00."
Price Action: At the time of writing, PEPE was trading at $0.0000019, down 17.16% in the last 24 hours, according to Benzinga Pro.
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