Bitcoin (BTC) and Ethereum (ETH) have firmly established themselves as the leading cryptocurrencies based on market capitalization. Nevertheless, there's heightened competition further down the list among the top 100 cryptocurrencies.
Pepe (PEPE) and Polygon (MATIC) are currently engaged in a tight battle for the 18th and 19th positions in the market cap hierarchy.
The recent significant increase in Pepe's price and trading volume has intensified the challenge for MATIC to retain its standing.
Pepe nearly surpasses Polygon in speed
The rivalry for the 18th and 19th positions on the market capitalization list is very strong, based on data from CoinMarketCap.
Polygon, whose market capitalization is more than $7.2 billion, is ranked eighteenth.
Nevertheless, Pepe, which has lately seen notable price increases, is now posing a threat to this position.
According to one analysis, Pepe's market capitalization increased during the last seven days alone, from over $4.6 billion to over $6.8 billion.
Pepe is getting closer to surpassing MATIC thanks to this significant uptick; more gains could cause the ranking to shift.
Compared to Polygon, Pepe is more active
Pepe has been seeing a notable uptick, according to an analysis of Santiment's volume statistics.
The Pepe volume chart over the last seven days has continuously indicated daily volumes above $2 billion, and in many cases, it has even come close to hitting $4 billion.
On the other hand, with a current volume of about $369 million, the volume chart for MATIC showed that it has just once surpassed the $1 billion mark in nearly two months.
According to this, Pepe was probably seeing more trading activity at the time of publishing than MATIC.
The comparison of their price trend
Four distinct all-time highs have been reached by Pepe in the last seven days, according to a daily period analysis of its price pattern.
The most recent occurred on May 27, when there was a 4.21% gain in price, hitting roughly $0.0000167.
But at the time of writing, it was selling at about $0.0000164, indicating a 1.5% decrease.
Pepe's Relative Strength Index (RSI) indicated oversold levels despite the dip, and the stock continued to move in a strong bull trend.
However, a review of Polygon's history revealed that on May 27, the company had an upsurge as well, with a 3.94% price increase that brought it to almost $0.74.
May 2024, Cryptoniteuae