The meme coin market is heating up once again, with Shiba Inu (SHIB) facing growing pressure from rival Pepe (PEPE). Once comfortably holding its place as the second-biggest meme coin behind Dogecoin (DOGE), Shiba Inu now risks being dethroned as Pepe rapidly narrows the gap in market capitalization.
Market Cap Rivalry
Crypto enthusiast Pepetoshi Nakamoto recently highlighted data from CompareMarketCap showing just how close Pepe is to flipping Shiba Inu. At the time of analysis, Pepe was valued at $0.000010 with a market cap of $4.51 billion, compared to Shiba Inu’s $0.000012 price and $7.62 billion market cap.
This meant Pepe only needed a 69% rally to overtake Shiba Inu and claim the number-two meme coin spot. Such a surge would push PEPE’s price toward $0.000018, making it one of the most significant shakeups in meme coin history.
Performance Trends
The tightening race stems largely from Shiba Inu’s prolonged decline. SHIB has lost nearly 43% of its value since the start of 2025, including a 9.13% drop in the past month and over 10% in the past week.
Pepe has also faced downward pressure, posting a 51.2% decline year-to-date and double-digit losses over the past month and week. However, unlike Shiba Inu, Pepe has managed to deliver a positive 18.13% performance over the past year, compared to SHIB’s 17.67% yearly dip.
Recent Developments
Fresh data suggests that the competition is still neck-and-neck, though the gap has shifted slightly. According to CompareMarketCap, Pepe now sits 1.74x away from flipping Shiba Inu. After a 9.44% daily dip, PEPE trades at $0.0000097 with a $4.09 billion market cap. Meanwhile, SHIB has dropped 6.94% in the same timeframe, leaving it with a $0.00001211 price and a $7.15 billion valuation.
This latest adjustment means Pepe now requires a 74% rally to surpass Shiba Inu—a higher threshold than earlier this month, but still within reach if market momentum turns in its favor.
Broader Implications
The meme coin rivalry underscores how quickly sentiment can shift in the crypto sector. Shiba Inu has worked to expand its ecosystem with projects like Shibarium, aiming to move beyond its meme coin roots. Meanwhile, Pepe’s surge has been driven largely by community enthusiasm and speculative trading, reflecting the unpredictable nature of meme assets.
As both tokens continue to lose value in the short term, the race for dominance remains wide open. A decisive rally in Pepe—or further declines in SHIB—could soon tip the balance. For now, traders and investors are watching closely as the battle for meme coin supremacy intensifies.