Can PEPE flip Polygon? Market cap race heats up!

• Pepe has climbed closer to Polygon in terms of market capitalization.
• The memecoin saw more volume than MATIC.

Bitcoin [BTC] and Ethereum [ETH] have solidified their positions as the top two cryptocurrencies by market cap. However, the competition has intensified lower down in the list of top 100 cryptocurrencies. 

Pepe [PEPE] and Polygon [MATIC] are currently locked in a close race for the 18th and 19th spots in the market cap ranking. 

Pepe’s recent surge in price and volume has added to the challenge for MATIC to maintain its position.

Pepe moves close to overtaking Polygon

According to data from CoinMarketCap, there’s been fierce competition for the 18th and 19th spots on the market capitalization ranking.

 Polygon holds the 18th position with a market cap exceeding $7.2 billion. 

However, this position is now being challenged by Pepe, which has experienced significant price gains recently. 

Analysis of Pepe’s market capitalization reveals an increase to over $6.8 billion from approximately $4.6 billion in the past seven days alone. 

This substantial surge has brought Pepe closer to overtaking MATIC; further increases could lead to a change in ranking.

Pepe shows more activity than Polygon

Analysis of volume trends on Santiment indicated that Pepe has been experiencing a significant surge. 

Over the past seven days, the volume chart for Pepe has consistently shown daily volumes surpassing $2 billion, with some instances nearly reaching the $4 billion mark. 

Currently, the volume stands at over $2.6 billion.

Source: Santiment

In contrast, the volume chart for MATIC revealed that it has only exceeded the $1 billion threshold once in close to two months, with a current volume of around $369 million. 

This suggests that Pepe was experiencing higher trading activity than MATIC at press time.

How their price trend compared 

Analysis of Pepe’s price trend on a daily timeframe revealed that in the last seven days, it has achieved four different all-time highs. 

The most recent was on 27th May, with a price increase of 4.21%, reaching approximately $0.0000167. 

However, as of this writing, it was trading at around $0.0000164, reflecting a decline of approximately 1.5%.

Despite this decline, Pepe remained in a strong bull trend, with its Relative Strength Index (RSI) indicating oversold conditions.

Source: TradingView

On the other hand, analysis of Polygon’s trend showed that it also experienced an uptrend on 27th May, with a price increase of 3.94%, reaching around $0.74. 

Source: TradingView

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However, its overall price trend has been less interesting than Pepe’s. 

As of this writing, Polygon was trading at around $0.73, following a decline of over 1%.