Pepe vs. Doge: How memecoins performed first time hitting $1B market cap

Memes, internet jokes, and popular culture references have become an integral part of online communities. Because of this, cryptocurrencies inevitably gave birth to a new wave of assets called “memecoins.” While some argue that these coins are just a fad, others might also believe in their potential to bring financial gain to their investors. 

One of the most popular memecoins that was recently launched is a frog-themed token called PEPE. The token has gained traction amid the bear market and garnered a lot of support from various members of the community despite its official website

Contrary to the expectations of its founders, DOGE became one of the most prominent cryptocurrencies to ever exist. At the time of writing, the token sits on a $10 billion market capitalization, surpassing tokens like Solana (SOL) and Polygon (MATIC) which arguably have more use cases than DOGE.

PEPE’s performance after hitting a $1 billion marketcap

Unlike DOGE, which took almost four years before reaching the milestone, PEPE gained popularity very quickly. Just three weeks after its launch, the meme-inspired crypto almost instantly shot up to $1 billion market capitalization. The token gained support and got listed in various exchanges from Bybit up to Binance. 

The token performed quite similarly to DOGE after hitting the $1 billion mark. After getting to $1 billion on May 5, the up-and-coming memecoin also almost reached a $2 billion marketcap on the same day. However, after reaching $1.82 billion in market capitalization, the token’s marketcap quickly plummeted to $725 million on May 9. 

At the time of writing, the token trades at $0.00000192 per token with a market capitalization of $800 million.

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