I think pepe and shib already in the same level right now. But if we talked about comunity and value i can say SHIB has far better than pepe. I don't think pepe can reach or take over SHIB in market capitalization.
even now there are a lot of projects similar to pepe with a similar name, scammers really like this trend and they are ready to support it. Everything repeats exactly the same as it was with Shiba. What is most interesting, these two projects have their fans and it looks like the projects will exist for a long time to come.
Totally agree, the cycle will keep repeating. Thats all about money so no wonder the cycle like this will keep repeating, there will be more and more meme coins like this in the near future. Someone will get their instant money and someone gonna lose their pocket.