- PEPE yielded 1,200% gains to holders in the first week of May before a massive pullback to $0.00000168.
- Shiba Inu and Dogecoin hit $40 and $70 billion in trade volumes at their peaks, PEPE lags behind with $2 billion.
- DOGE and SHIB are likely to make a comeback with a recovery in retail participation and trade volume.
Shiba-Inu-themed meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) faced intense competition from PEPE meme coin, inspired by the “Pepe the Frog” meme. PEPE yielded 1,200% gains for holders between May 1 and 8, driving the token’s popularity and interest from participants in the crypto community.
PEPE, a meme coin launched on April 16, failed to beat SHIB and DOGE at trade volumes during their peaks.
Also read: Huobi Token sees massive price swings as founder Leon Li’s brother cashes out millions of HT tokens
PEPE fails to capture trade volume as SHIB and DOGE did during their peak
PEPE meme coin’s daily trade volume surpassed that of Bitcoin and Litecoin on a few occasions in the first week of May, however, the asset failed to surpass the euphoria of SHIB and DOGE holders during the peak period of these assets.
When Dogecoin price hit its peak, the meme coin netted $70 billion in trade volume, in the case of Shiba Inu it was $40 billion, based on data from crypto intelligence tracker Santiment. This is a key metric to map retail participation and the euphoria surrounding an asset in the crypto community.
DOGE, SHIB and PEPE trade volume
Compared to competitors Dogecoin and Shiba Inu, PEPE’s trade volume currently amounts to $455.45 million, down from a peak of $2 billion, signaling the lack of retail trader participation in the meme coin’s trading across exchange platforms.
Experts at Santiment compared the three meme coins and concluded that there is untapped potential in PEPE. At the same time, the liquidity and retail participation for PEPE is “nearly non-existent” compared to Shiba-Inu-themed tokens DOGE and SHIB.
PEPE is on par with Dogecoin and Shiba Inu in terms of social volume, however, the token’s social media mentions are largely confined to micro-blogging platform Twitter.
Social volume of PEPE, DOGE and SHIB
These on-chain metrics reveal that PEPE did not and might not have the same market impact on crypto as Dogecoin and Shiba Inu. Furthermore, the recovery potential in the two largest meme coins by market capitalization (DOGE and SHIB) is greater, as the level of retail engagement, liquidity and social dominance is relatively higher when compared to PEPE.
Why Dogecoin and Shiba Inu recovery is likely
The on-chain metric “Balance by time held” from IntoTheBlock measures the variation over time of the balance of coins each group of holders possesses. There are three key groups, holders, who hold the asset for greater than 12 months, cruisers, who hold it for one to 12 months and traders who hold the token for less than a month.
Growth in the holder and cruiser segment fuels a bullish thesis for the asset’s recovery as these segments represent traders that hold the asset in their portfolio, rather than engage in active “pump and dump.”
For both Dogecoin and Shiba Inu, there has been an increase in the percentage of holders and cruisers. At the same time, there is a decline in the percentage of traders.
DOGE balance by time held
SHIB balance by time held
Both Shiba-Inu-themed meme coins seem poised to recover from their recent pullback with an increase in retail market participation.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
US presidential election outcome could shape the future of crypto
US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).
Bitcoin ETFs beat Gold ETFs with 65% gain since launch
Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand
Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF
Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.