PEPE, a meme coin inspired by the “Pepe the Frog” meme, has emerged as a strong competitor to Dogecoin (DOGE) and Shiba Inu (SHIB) in the crypto market. PEPE, which was launched on April 16, has yielded 1,200% gains for holders between May 1 and 8, driving interest from participants in the crypto community. However, it failed to beat SHIB and DOGE at trade volumes during their peaks.
During the peak period of DOGE and SHIB, their trade volumes netted $70 billion and $40 billion, respectively, based on data from crypto intelligence tracker Santiment. In comparison, PEPE’s trade volume currently amounts to $455.45 million, down from a peak of $2 billion, signaling a lack of retail trader participation.
Experts at Santiment compared the three meme coins and concluded that there is untapped potential in PEPE. However, the liquidity and retail participation for PEPE is “nearly non-existent” compared to DOGE and SHIB.
On the other hand, the recovery potential for DOGE and SHIB is greater, as 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. This fuels a bullish thesis for the assets’ recovery as these segments represent traders that hold the asset in their portfolio, rather than engage in active “pump and dump.”
Both SHIB and DOGE seem poised to recover from their recent pullback with an increase in retail market participation.
While PEPE might be a strong competitor to DOGE and due to SHIB’s lack of liquidity and participation from regular traders, DOGE and SHIB are anticipated to rebound when the proportion of holders and cruisers rises. The crypto market remains highly volatile and unpredictable, so investors should exercise caution and conduct thorough research before making any investment decisions.
