The top twenty currencies based on market capitalization are becoming more competitive as the use of cryptocurrencies grows in popularity. Recently, the companies vying for positions 18 and 19 on this list, Pepe (PEPE) and Polygon (MATIC), have attracted notice from all around the world. This competition highlights the erratic volatility of the cryptocurrency market as well as investors’ propensity to pay attention to less well-known coins.
With a market valuation of more than $7.2 billion, Polygon—a startup that creates tools to make Ethereum more scalable—is ranked 18th out of the biggest cryptocurrency companies. Pepe, a relatively recent entrant to the market, is now posing a threat to this position, nevertheless. In just one week, Pepe’s market capitalization increased from $4.6 million to over $6.8 million, as did its daily trading volume. Due to this, it is on the verge of surpassing MATIC and could soon emerge as the “new” MATIC.
As a result, it is possible to gauge Pepe’s market share growth by looking at both its increasing value and the way it is traded. Compared to Polygon, Pepe has far larger average daily trade volumes—over $2 billion, and occasionally even closer to $4 billion. On the other hand, Polygon’s trade volumes have been continuously low, rarely exceeding $1 billion but mostly hovering around $369 billion in recent times.
The degree of competition between these two digital currencies is evident in their current fluctuations. Pepe has broken four records in the past week since May 26. On May 27, its value increased by 4.21% to $0.0000167. Pepe is still moving in a bullish direction despite a minor decline in value to $0.0000164; the RSI shows that the stock is oversold.
During the same day, Polygon’s price went up by 3.94% to about $0.74. Although this movement was not as strong as Pepe’s, it was nonetheless beneficial to cryptocurrencies in general. The price of Polygon, however, decreased by a meager 1% following this rise, to $0.73.
Pepe and Polygon are engaged in a fierce rivalry that is consistent with current developments in the cryptocurrency space. Investor perceptions are subject to shift in this unstable climate, which has the potential to elevate less well-known digital currencies. These two cryptocurrencies—Pepe’s recent rise to prominence and Polygon’s ongoing efforts to improve Ethereum’s scalability—represent various facets of the blockchain ecosystem.
The cryptocurrency market is undoubtedly impacted by the growing rivalry between the two categories of virtual currencies. Due to their high risk tolerance, investors are now considering investing in developing coins in addition to Bitcoin and Ethereum. For those who know how to hack it, this trend shows how the bitcoin market is growing and fluctuating and presents opportunities for advancement.
