Bitcoin Devs Target Meme Coin Market: Is the End Near for Shiba Inu, Pepe, and Others in the $500M Market?

While the original PEPE Coin is an Ethereum-based ERC-20 coin, other blockchains have gradually stepped up to offer alternative solutions and capture a share of the market. One notable example is the emergence of BRC-20 tokens on the Bitcoin blockchain which has gained significant popularity in recent times.

According to brc-20.io, a platform that tracks BRC-20 tokens, there are currently around 24,677 BRC-20 tokens in existence, with a cumulative worth of approximately $475,058,296

It is worth noting that the cumulative worth of BRC-20 tokens surpassed the $1 billion threshold just last month, indicating a rapid growth in interest and investment in these tokens. This growth can be attributed to several factors, including the increasing recognition of Bitcoin as a reliable and secure blockchain, as well as the desire for additional functionalities beyond what Bitcoin offers natively.

The Bitcoin network has indeed become a home for variants of original meme tokens, like the BRC-20 token known as ‘Pepe.’ At the time of writing, the BRC-20 token ‘Pepe’ was valued at $0.20, reflecting a 1.1% increase over the past day. Its aggregate capitalization reached over $8.3 million, indicating a notable amount of value associated with the token.

In contrast, the original Pepe Coin experienced a 7% decline over the same 24-hour period and was priced at $0.00000119. Despite its lower individual token value, the original Pepe Coin boasted a higher market capitalization of $466.1 million, indicating a larger overall market presence and investor interest.

Meanwhile, in the case of the BRC-20 token ‘SHIB,’ the price was found to be $0.000000041. Its market capitalization was around $4 million on Monday, June 5. On the other hand, the original ERC-20 token called Shiba Inu was priced at $0.00000853. Its market capitalization displayed a significantly higher value, surpassing $5 billion.

Is the End of Pepe Coin and Shiba Inu Near?

While the emergence and popularity of the BRC-20 tokens have raised questions about the future of Shiba Inu and Pepe Coin, it is important to consider several questions such as market dynamics, market adoption, and regulatory considerations.

Though all memecoins have overlapping communities, the core ideology powering them differs. While Bitcoin Ordinals are riding on the strength of the Bitcoin Blockchain, SHIB and PEPE are leveraging the trust in the smart contract functionalities of the Ethereum blockchain.

Considering its age, Shiba Inu has established a more defined growth path for itself featuring the development and release of Shibarium, its layer-2 blockchain outfit. With all of the positive sentiment surrounding Bitcoin-based memecoins, SHIB is occupying a unique niche in the industry that these new entrants cannot dethrone. Its longevity and dedicated team and community will always make it more relevant in the short to mid term, unless bigger utility is introduced by the newcomers.