PEPE challenges Polygon in market cap battle
Bitcoin [BTC] and Ethereum [ETH] have firmly established themselves as the leaders of the cryptocurrency market in terms of market capitalization. Yet, further down the rankings among the top 100 cryptocurrencies, the battle for supremacy is heating up.
Currently, Pepe [PEPE] and Polygon [MATIC] are neck and neck, vying for the 18th and 19th positions in terms of market capitalization.
The notable spike in Pepe's value and trading volume has intensified the competition for MATIC to hold onto its spot.
Pepe Zeroes in on Surpassing Polygon
Market capitalization data from CoinMarketCap indicates a tight race for the 18th and 19th positions on the leaderboard.
Polygon is presently in the 18th spot with a market capitalization just north of $7.2 billion.
Yet, Pepe is hot on its heels, having enjoyed a remarkable increase in value lately.
Recent calculations show Pepe's market capitalization rocketing to more than $6.8 billion from around $4.6 billion in just the last week.
This dramatic rise has placed Pepe on the cusp of surpassing MATIC, with any further gains potentially altering their rankings.
Pepe Outpaces Polygon in Market Activity
Volume trends analyzed on Santiment highlight a significant uptick for Pepe.
In the previous week, Pepe's trading volume consistently hit over $2 billion daily, with peaks nearly touching $4 billion.
At the moment, its trading volume hovers above $2.6 billion.
In comparison, MATIC's trading activity revealed it surpassed the $1 billion mark only once in almost two months, currently at about $369 million.
This indicates that, as of the latest reports, Pepe has been seeing a higher level of trading activity than MATIC.
Comparing Their Price Movements
A close look at Pepe's recent price activity shows it hitting new all-time highs on four separate occasions in the last week.
The latest peak was on May 27th, with a 4.21% increase to roughly $0.0000167.
Though currently trading at about $0.0000164, down roughly 1.5%, Pepe's market presence remains robust, supported by its Relative Strength Index (RSI) indicating a potential oversold condition.
Conversely, Polygon's price trajectory also saw an uptick on May 27th, climbing by 3.94% to about $0.74.
Nevertheless, compared to Pepe's performance, Polygon's price movements have been comparatively tame.
As of the latest update, Polygon's trading price was around $0.73, after a decline of more than 1%.
