YEREVAN (CoinChapter.com) — Dogecoin (DOGE) and Pepe (PEPE) have emerged as leading contenders in the memecoin arena, captivating investors and yielding impressive price returns in 2024.
For instance, DOGE’s price has surged nearly 90% year-to-date to $0.169. Meanwhile, PEPE has also jumped 512% to $0.0000079 in the same period.
Is Dogecoin A Good Investment
Before we talk about whether or not Dogecoin is a good investment, let us take a moment to understand what this memecoin is.
Dogecoin started in 2013 as a bit of a joke with a cute Shiba Inu dog meme as its mascot. But, it quickly turned into something big, surprising even its creators by shooting up to become one of the top dogs among cryptocurrencies. It’s a real underdog story that’s been covered by folks over at CoinChapter, detailing how it went from meme to mainstream.
Elon Musk, the guy behind Tesla and a big name in tech, is a huge fan of Dogecoin. Although some people get mixed up and think he started Bitcoin, he’s actually just a big cheerleader for Dogecoin. His tweets can really shake things up.
In fact, a survey back in 2021 showed that a whopping 37% of American investors were swayed by what he posts online. Whenever he shouts out Dogecoin, its value tends to jump.
Fast forward to 2024, and Musk is still all in on Dogecoin. He’s not just tweeting about it; he’s putting his money where his mouth is, both investing in it and even funding some of its development.
How About Pepe: Is It Better Than Dogecoin?
Pepe, the memecoin featuring the iconic Pepe the Frog, caught the crypto world’s attention in 2023 when major exchanges started listing it left and right.
This hype didn’t just fizzle out; it catapulted Pepe into 2024 with incredible momentum. Since the start of the year, Pepe’s price skyrocketed by 512%, outperforming Dogecoin by a significant margin. As of now, PEPE price is hitting new all-time highs, a testament to its growing appeal. The surge in Pepe’s value can also be attributed to the keen interest from big-time investors who are increasingly backing the project.
Despite its impressive surge, PEPE still trails behind Dogecoin regarding market capitalization.
For instance, the net market cap of PEPE was $3.3 billion as of March 6. In comparison, DOGE’s market cap was $24.18 billion.
While Dogecoin proudly sits at the 9th spot among the world’s largest cryptocurrencies, the “frog” coin, PEPE, has yet to leap as high, currently holding the 40th position. This distinction highlights the varying scales of investor confidence and market penetration between the two memecoins.
PEPE Price vs. Dogecoin Price
Most analysts strongly believe that Dogecoin will ultimately outshine Pepecoin in their rivalry despite Pepe’s impressive surge in early 2024. They point out that Dogecoin’s advantage lies in its unique connection to a real-world mascot—a Shiba Inu dog named Kabosu—making it a project with a tangible figurehead.
Analysts argue that Dogecoin’s brand is more robust than Pepecoin, attributing this strength to the considerable interest in Dogecoin derivatives. The fascination and enthusiasm surrounding Dogecoin clones far exceed the reaction to projects attempting to ride on Pepe’s coattails, highlighting the distinct edge Dogecoin holds in the ongoing memecoin showdown.
