- There were over 3,350 wallets containing both PEPE and SHIB.
- PEPE’s on-chain metrics and market indicators suggested continued price appreciation.
The meme game in the crypto space got interesting in the recent past with the launch of Pepe [PEPE]. The token quickly caught the attention of investors as evidenced by its price hike, which could threaten top meme tokens like Shiba Inu [SHIB].
Read Pepes [PEPE] Price prediction 2023-24
Does PEPE stand a chance against SHIB?
Nansen highlighted PEPE’s status in comparison to SHIB’s in a tweet dated April 30. The tweet stated that PEPE had more than 54,000 holders in just two weeks. This represented the increasing popularity of the newly launched meme token.
54,000+ $PEPE holders in just 2 weeks? 🤯
Impressive, but let’s not forget the 1.3 million $SHIB holders there!
And did you know that more than 3,350 wallets contain both memecoins?
Let’s dive into the top holders of these two 👇 pic.twitter.com/VmJPdJZQEY
— Nansen 🧭 (@nansen_ai) April 30, 2023
However, at the moment SHIB’s popularity does not seem to be a concern as the number of holders of the latter has passed one million. It was also interesting to note that there were over 3,350 wallets that included both PEPE and SHIB.
Nansen’s tweet revealed that a wallet called Wintermute 0x2800 received 1.2 billion SHIB for the first time on February 23 with a press time balance of 15.2 billion. It first received 46.5 billion PEPE on April 20 with a current balance of 81.6 billion. In addition, the last transaction was to exchange 5,200,712,114 PEPE for 1.67 WETH.
PEPE outperforms SHIB
While SHIB has the upper hand in the market in terms of holder count, things looked different on the metric front. From CoinMarketCapthe new meme token had a 24-hour trading volume of $268 million, which was more than double the 24-hour trading volume of SHIB.
In addition, whale interest in PEPE increased compared to SHIB, as evidenced by the token’s spike in whale transactions.
Source: Sentiment
Another encouraging metric was the supply of the token on exchanges, which registered a steep decline. The decline was accompanied by an increase in supply outside the exchanges. While this looked optimistic for the newly launched meme token, SHIB‘s off-exchange offerings remained flat.
Source: Sentiment
The streak of the meme token to continue
A look at PEPE’s daily chart gave more cause for joy. The meme token’s Exponential Moving Average (EMA) ribbons revealed that the bulls led the market. The Chaikin Money Flow (CMF) was also significantly high, increasing the likelihood of a sustained price increase.
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Nevertheless, the meme token’s Relative Strength Index (RSI) was in an overbought zone, which could spell trouble.
Source: TradingView
At press time, PEPE was trade Up 50% in the last 24 hours and was valued at $0.0000008014 with a market cap of over $312 million. On the other hand, the price of SHIB registered a reject up nearly 2% over the same period and was trading at $0.00001005.