Meme cryptocurrency Pepe (PEPE) has managed to surpass Ethereum Classic (ETC) by market capitalization, according to data provided by CoinGecko. 

PEPE is up nearly 10% over the past 24 hours, according to CoinGecko data. Its market has now topped $4 billion.

Even after the most recent price surge, PEPE is still down 9% from its all-time high of $0.00001064 which was achieved on March 12. 

Will Pepe become the biggest meme coin? 

Pepe is currently ranked as the 28th cryptocurrency by market cap, according to CoinGecko. 

It has a lot of catching up to do in order to match the market value of the current meme coin leaders, Dogecoin (DOGE) and Shiba Inu (SHIB). DOGE and SHIB are valued at $21.7 billion and $14 billion, respectively. 

With that being said, analyst Murad Mahmudov recently predicted that Pepe would end up surpassing Shiba Inu (SHIB) by market cap. He even stated that DOGE could be toppled by PEPE in the future. 

Mahmudov's bull case is based on the fact that Pepe is a "cult community" with 10 million unique members. This makes it "perpetually" relevant to modern culture.

Dogecoin has only a single picture while Shiba Inu "has zero memes to speak of."