PEPE flips Optimism: Can OP emerge from the memecoin mania?

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    PEPE climbed above OP in terms of market cap.
    Social volume and positive sentiment around PEPE grew.

Although there was a significant increase in the popularity of meme coins recently, the hype surrounding Pepe (PEPE) decreased due to the influx of other prominent cryptocurrencies.

Recently, there’s been renewed excitement for PEPE as indicated by a 10% price increase within the past day based on data from CoinMarketCap.

As a result, PEPE was able to outrank Optimism [OP] in terms of market cap.

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Despite PEPE‘s brief spell as a dominant token, its momentary success served as evidence of its increasing appeal among investors. Notably, one reason for PEPE‘s recent price spikes could be attributed to an uptick in social activity surrounding the token.

According to AMBCrypto’s assessment of Santiment’s statistics, there was a noticeable increase in chatter about PEPE on social media platforms starting from the 1st of April.

At the same time, there was a noticeable shift in public opinion towards the PEPE token. The Weighted Sentiment indicated an increasing number of favorable comments, outweighing the unfavorable ones.

If the social buzz surrounding PEPE keeps growing and the feelings towards it stay favorable, we might see new record-breaking heights for the token in the near future.

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Despite PEPE‘s increase in market value being a good sign for the meme coin, it makes one ponder about the reasons behind OP‘s price fluctuations.

How is OP doing?

Because of fierce competition from Arbitrum (ARB), Optimism has had a hard time establishing itself in the expanding Layer 2 marketplace.

Additionally, companies like Base have recently entered the market and captured a substantial share within the past few weeks.

Maybe the increasing competition in the industry is causing some people to have less favorable views towards Optimism and its governance token OP.

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An alternative explanation for OP‘s struggle to maintain its market capitalization position could be this reason.

 Realistic or not, here’s OP market cap in BTC’s terms

Currently, OP‘s stock price is at $3.25, marking a 6% increase from the previous day. Simultaneously, the stock’s trading volume experienced a significant jump of 56.91% over the past 24 hours.

If the OP continues to build on this positive progress, there’s a good chance that its market value will increase significantly and help it hold onto its position.

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2024-04-09 01:11