Shiba Inu’s established position as the cryptocurrency sector’s second-largest meme token faces its most serious challenge since claiming the ranking in early 2022. Data compiled by meme coin advocate Pepetoshi Nakamoto illustrates how significantly Pepe has closed the valuation distance with SHIB over recent trading periods.
The competitive dynamic has intensified as both tokens navigate volatile market conditions that have affected their respective valuations. While maintaining different trajectories across various timeframes, both assets have encountered substantial headwinds that have altered their relative positioning within meme coin rankings.
Market performance data reveals contrasting patterns between the competing tokens across different measurement periods. Year-to-date figures show Shiba Inu declining 42.7% while Pepe has dropped 51.2%, indicating both assets have faced selling pressure throughout 2025.
Recent monthly and weekly data continues this trend, with SHIB falling 9.13% over 30 days and 10.96% across seven days. Pepe has posted steeper declines during these periods, losing 15.7% monthly and 13.7% weekly according to tracking data.
However, annual comparisons present a different competitive landscape. Pepe has generated 18.13% gains over twelve months, contrasting with Shiba Inu’s 17.67% decline during the identical timeframe. This performance gap has contributed to the narrowing valuation difference between the two meme tokens.
The mathematical relationship between these valuations indicates Pepe would need to rally approximately 74% to match SHIB’s current market cap. This 1.74x multiplier represents the competitive gap that has developed between the two meme-focused cryptocurrencies.
Market observers note that meme token hierarchies can shift rapidly due to their dependence on community sentiment and viral marketing rather than fundamental utility metrics. The current gap, while substantial in dollar terms, could change quickly if trading patterns or social media engagement favor either token.
Also read: Why Cardano Could Outpace Rivals in the Years Ahead
