Pepe and Doge: Analyzing Memecoin Performance Upon Reaching $1 Billion Market Capitalization

Memes, online humor, and references from popular culture have become essential components of digital communities. Consequently, cryptocurrencies have inevitably led to the emergence of a new category of assets known as “memecoins.” While some contend that these coins are merely a trend, others may see their potential to yield financial returns for investors.

One of the most well-known memecoins recently introduced is a frog-themed token named PEPE. This token has gained popularity during the bear market and received considerable backing from various community members, despite its official website stating that “the coin is completely useless and for entertainment purposes only.”

The creators of PEPE claim that their mission is to “make memecoins great again,” a nod to former U.S. President Donald Trump’s political slogan, make America great again. The project also aims to outshine dog-themed meme coins that “have already had their day,” positioning Pepe, which they assert is the most recognizable meme globally, as the “king of memes.”

As it strives for the top, PEPE must surpass the current leader in the memecoin sector—Dogecoin. In a Cointelegraph Twitter poll conducted on April 25, DOGE remained in the lead when Twitter users were asked which cryptocurrency they believe will have the largest market capitalization in 2025. Nevertheless, PEPE secured a close second place.

$PEPE community preparing for Twitter polls: pic.twitter.com/SeTRgAdf5s

— Cointelegraph (@Cointelegraph) April 25, 2023

PEPE and Dogecoin (DOGE) share similarities but will inevitably exhibit different performances. Both cryptocurrencies have attracted a substantial following and were created for similar purposes, namely entertainment. However, their paths to achieving a $1 billion market capitalization and their performances thereafter differ.

Dogecoin’s ascent in the memecoin landscape

Dogecoin was established four years after the Bitcoin (BTC) genesis block was mined. It was developed by software engineers Billy Markus and Jackson Palmer as a humorous take on the cryptocurrency industry.

The memecoin first gained momentum in January 2014, reaching a market capitalization of $60 million. Four years later, the token’s market capitalization hit $1 billion for the first time as its price reached $0.0100.

Shortly after DOGE achieved this milestone, the cryptocurrency surged to $0.0175, elevating its market capitalization to $1.98 billion before it dropped to a $784 million market cap, with the price falling to $0.0069 on January 16, 2018.

DOGE’s price chart in 2018 after it first reached $1 billion market capitalization. Source: CoinGecko

Nearly four years later, the cryptocurrency experienced another surge, surpassing its previous record. On May 8, 2021, the token achieved a market capitalization of $88 billion as its price reached an all-time high of $0.7315 per token. This price movement is often linked to the bull run of 2021-2022, during which token prices surged as BTC reached new peaks.

Related: You can now create a shitcoin in less than 23 seconds

Contrary to the expectations of its founders, DOGE emerged as one of the most significant cryptocurrencies ever. At the time of writing, the token holds a market capitalization of $10 billion, surpassing tokens like Solana (SOL) and Polygon (MATIC), which arguably possess more utility than DOGE.

PEPE’s performance following its $1 billion market cap

In contrast to DOGE, which took nearly four years to reach the milestone, PEPE gained traction rapidly. Just three weeks post-launch, the meme-inspired cryptocurrency swiftly ascended to a $1 billion market capitalization. The token garnered support and was listed on various exchanges, from Bybit to Binance.

PEPE’s market capitalization reaching $1.8 billion. Source: CoinGecko

The token’s performance closely mirrored that of DOGE after reaching the $1 billion threshold. After hitting $1 billion on May 5, the emerging memecoin also nearly attained a $2 billion market cap on the same day. However, following a peak of $1.82 billion in market capitalization, the token’s market cap swiftly declined to $725 million on May 9.

At the time of writing, the token is trading at $0.00000192 per token, with a market capitalization of $800 million.

Magazine: $3.4B of Bitcoin in a popcorn tin: The Silk Road hacker’s story