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PEPE vs Doge: In which meme coin should you invest?
Meme Coin is a type of cryptocurrency based on internet memes. Typically created by developers or enthusiasts, it draws inspiration from popular memes or internet culture and spreads widely through channels such as social media and online forums. Nowadays, meme coin has already become a part of the crypto market.
In the fast-paced world of meme coins, market capitalization and popularity mean everything. Among the numerous meme coins, apart from the well-established Doge and Shiba Inu, this year's breakout star which is worth paying attention to is PEPE. After its launch on April 16, 2023, PEPE skyrocketed by nearly 7000% in just 17 days, demonstrating an extremely exaggerated surge in value and also attracting more users to join the market.
Faced with such huge potential behind, which meme coin should you invest? In this article, we'll compare DOGE and PEPE from different aspects to help you make decisions.
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Comparsion between DOGE vs PEPE
Meme Coins have been a very important market in the world of cryptocurrencies. Although their value per coin does not reach that of giants such as Bitcoin, investors have diversified their portfolio with the help of these tokens, which usually never exceed a dollar in value.
It's hard to know which coin to invest in, so now we want to show you a quick comparison between DOGE vs PEPE:
Origins
As the first meme coin, DOGE was born on December 8, 2013 and was created by software engineers Billy Markus and Jackson Palmer as a joke crypto based on the popular meme featuring a Shiba Inu dog. The coin quickly gained popularity on social media, and was eventually embraced by celebrities and entrepreneurs such as Elon Musk and Mark Cuban. Despite its origins as a joke, Dogecoin has maintained a loyal following among investors and crypto enthusiasts.
Just like what happened with Dogecoin, the anonymous team that released PEPE took advantage of the popularity of the 'Pepe The Frog', a comic character which was originally created in the early 2000s, and created a meme campaign to drive early adoption. The strategy quickly became a trend during the months of April and May 2023 and arguably met with unexpected success.
Price Performance
DOGE is the initial meme coin and has experienced several cycles of boom and bust in its price since its inception. The coin reached an all-time high of $0.7376 on May 8, 2021, with a market cap of nearly $100 billion. However, the coin also suffered a significant decline in its price since then, losing over 90% of its value. The current price of Dogecoin is $0.06107, with a market cap of $8.6 billion.
PEPE is a relatively new coin that has experienced a meteoric rise in its price since its launch. The coin reached an all-time high of $0.000004354 on May 6, 2023, with a market cap of $1.6 billion. However, the coin suffered a sharp decline in its price since then, losing almost 83% of its value. The current price of Pepe is $0.0000007148, with a market cap of $260 million.
Technology
DOGE adopts the proof of work (PoW) mechanism and uses the Scrypt algorithm for mining thus has a faster block time. However, Dogecoin is an inflationary memecoin, which means that there is no upper limit to Dogecoin's total amount. The current circulating supply of Dogecoin is over 141.62 billion tokens, and 10,000 new coins are mined every minute. This leads to an abundance effect that could decrease the value of Dogecoin over time.
PEPE is based on the Ethereum blockchain and benefits from the smart contract functionality. However, PEPE is a deflationary memecoin, which means that there is indeed a total supply, concretely speaking, 420.69 trillion tokens, and every transaction burns 1% of the transferred amount. This creates a scarcity effect that could increase the value of PEPE over time.
Use Cases
DOGE has been used primarily as a tipping system on Reddit and Twitter to reward the creation or sharing of quality content. You can get tipped DOGE by participating in a community that uses the digital currency, or you can get your DOGE from a Dogecoin faucet, a website that will give you a small amount of DOGE for free as an introduction to the currency, so that you can begin interacting in Dogecoin communities; Besides, it's also gradually being accepted as an official payment method by merchants like Newegg and Bitpay.
PEPE actually doesn't have real application in our lives, however, its relatively low investment price, currently 0.0000007148, makes it easier to get price increases over time. The redistribution system will reward all its participants in the long run, incentivizing buyers to keep the token in their crypto wallet for a longer period of time, which will gradually drive its price up. In addition, due to the fact that it has a burning system (not yet explained), the main strategy of PEPE will be to maintain the scarcity of the token, which always leaves an important profit margin.
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Which meme coin should you invest in?
The hype surrounding PEPE is unrivaled at the moment. It is currently the most popular crypto project with a huge following (500k followers on Twitter). However, PEPE is a brand new coin listed on a limited number of exchanges and suffers from low liquidity. While investors are pouring into the market, there is little liquidity for them to cash out. Besides, the price of PEPE action is driven almost entirely by speculation and FOMO (fear of missing out), so we are likely to see significant volatility in the price going forward.
Contrarily, DOGE has more liquidity in the market and more support from the comunity (3.7M followers on Twitter). As the original meme coin, DOGE has the advantage of being an early entrant into crypto space, and has been adopted as a payment method by more people, and also accepted by large companies like Tesla. For these reasons, DOGE does seem to be a more attractive investment in the long run.
Still, the choice between PEPE and DOGE depends on the preferences and goals of each investor. The future of these meme coins is still uncertain, so we sincerely suggest you always carry out your own research and take into account the aspects we compared above as well as the latest trends and before take any investment decisions.
