Recent trends indicate that the memecoin market may have a new frontrunner emerging. Pepe (PEPE), a memecoin with a frog theme, has been gaining momentum, surpassing well-known cryptocurrencies like Shiba Inu (SHIB) and Dogecoin (DOGE) in terms of both price performance and trading volume.

Analyzing the data from Santiment, it's evident that PEPE's trading volume has skyrocketed to $3.44 billion, surpassing SHIB's $1.15 billion and DOGE's $2.65 billion. This surge in liquidity suggests a shift in market dynamics, with traders increasingly favoring PEPE.

In the past 24 hours alone, PEPE's price surged by 34.50%, outpacing DOGE's 13.49% and SHIB's 9.72% growth rates. On a Year-To-Date basis, PEPE's price has increased almost eightfold, a significant jump compared to DOGE and SHIB.

While Dogecoin currently holds a market cap of $24.33 billion and Shiba Inu's is $15.16 billion, Pepe trails with $5.09 billion. However, given PEPE's recent momentum, there's speculation about a potential flippening if it continues to outperform other memecoins.

Notably, traders like Hsaka and JamesonEth have hinted at PEPE's potential dominance, suggesting that it might surpass SHIB and even experience a pump similar to DOGE's 2021 surge. This growing preference for PEPE signals a possible turning point in the memecoin market.