- Shiba Inu price has reduced by more than 8% in the last 48 hours to trade at $0.00001064.
- PEPE’s origins date back to just March 30, with the meme coin’s first mentions on Twitter appearing less than a week ago
- PEPE’s Twitter account has been suspended twice in the last 24 hours as its questionable origins came to light.
Shiba Inu, at one point, was considered the Dogecoin killer. Despite its relatively strong fundamentals, the cryptocurrency is being sidelined at the moment. This lack of interest is all thanks to the emergence of PEPE, which once again proves that meme coins can always be replaced at any time.
PEPE takes over Shiba Inu
Shiba Inu and Dogecoin were all that meme coin enthusiasts would talk about, with a few mentions of other shitcoins every now and then. However, the market is filled with discussions of just PEPE and Dogecoin presently.
Consequently, Shiba Inu, along with other notable meme coins such as Floki Inu (FLOKI), Bone ShibaSwap (BONE), Dogelon Mars (ELON), and Baby Doge Coin (BabyDoge), are noting consistent declines in price as investors shift their focus to PEPE.
As a result, Shiba Inu has lost nearly $500 million in the span of just two days, bringing its market cap to around $6.2 billion. The 8.07% decline in SHIB registered in the same duration has brought its trading price to $0.00001064. Furthermore, the meme coin ended up losing its spot in the top cryptocurrencies list to Binance USD (BUSD) and Litecoin.
SHIB/USD 1-day chart
PEPE - the April Fools token
While PEPE has taken over the meme coin market over the last few days, its origins actually trace back no more than three weeks. According to trader Crypto Koryo on Twitter, the web domain for the cryptocurrency was registered no earlier than March 30.
1. Exactly three weeks ago, on 30th of March, the web domain https://t.co/F3LJo4534W was registered. Using WIX. pic.twitter.com/OVe8pzQSPp
— Crypto Koryo (@CryptoKoryo) April 20, 2023
However, the token was still not created until April 14 despite its presence on Twitter coming to life around April 4. Further suspicion arose from the fact that even after its creation on April 14, PEPE was first listed on April 16, which the analyst speculates gave insiders/development team time to accrue the token.
Wallets containing nearly 7% of the entire supply of PEPE tokens were recently discovered. The owners of these wallets, suspected to be insiders, amassed millions of dollars worth of unrealized profits following the recent rally. Should any of these whales decide to sell, they could trigger the potential of a crash.
Read more about these whales here - PEPE coin whales suspiciously amass 7% of all supply before 900% rally; threat or conviction?
Looking at the suspicious origins of PEPE and a lifespan shorter than that of a tomato, it seems like the developers launched the meme coin in time to capitalize on the “4/20” phenomenon of April 20, given its ridiculous 420 trillion supply.
Twitter, too has been flagging the project for being a potential scam, suspending its official page twice in the span of 24 hours. Regardless, retail FOMO (Fear Of Missing Out) continues to drive investors toward the token, increasing the whales’ profit as the cryptocurrency still stands as an illiquid asset given its market cap of nearly $130 million.
@pepecoineth official account is back up and running. All posting will go back to there. This will continue to serve as our backup if twitter decides to pull any more shenanigans. $pepe pic.twitter.com/DoyzlSxY29
— Pepe (@pepecoinbackup) April 20, 2023
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
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
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.