Pepe Emerges as Top Performer Among Meme Coins, Outshining Shiba Inu and Dogecoin
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Pepe, the popular frog-themed memecoin, is making waves in the crypto market as it outperforms its competitors, Shiba Inu and Dogecoin. While all three coins experienced a loss of bullish momentum in a recent period, Pepe’s decline was significantly less compared to the others. Pepe only decreased by 0.14%, whereas Dogecoin and Shiba Inu saw declines of 6.14% and 8.23%, respectively.
Over the past 30 days, the price surge of these memecoins has been noteworthy. Dogecoin witnessed a price increase of 116.15%, Shiba Inu climbed by an impressive 321%, and Pepe outshone the rest with a staggering surge of 759%. However, on-chain data reveals a significant disparity in market sentiment.
Weighted sentiment for Dogecoin and Shiba Inu declined, indicating a more bearish outlook from traders. In contrast, Pepe’s weighted sentiment rose, suggesting that traders had more confidence in its price performance. This growing confidence in Pepe could potentially fuel its future success.
Analyzing the holder counts of these memecoins provides further insights on the market sentiment. Shiba Inu saw a slight decrease in holders, indicating that some investors may have decided to sell their holdings following recent gains. On the other hand, Dogecoin’s holder count increased, signaling a bullish sentiment towards its future performance. Pepe, while having a lower holder count, demonstrated a rapid growth rate.
If Pepe continues its upward trajectory, its market cap could soon rival that of Dogecoin and Shiba Inu. Currently, Shiba Inu boasts a market cap of over $21 billion, Dogecoin’s market cap stands at $24 billion, and Pepe’s market cap reaches $3.24 billion.
In the ever-evolving meme coin landscape, Pepe is capturing the attention of traders and gaining momentum. As its performance surpasses that of its competitors, it remains to be seen whether Pepe will become a dominant force in the memecoin realm.
Analyst comment
Positive news: Pepe emerges as the top performer among meme coins, outperforming Shiba Inu and Dogecoin. Pepe’s decline was significantly less compared to the others, and it experienced a staggering surge of 759% over the past 30 days. Traders have more confidence in Pepe’s price performance, as its weighted sentiment rose. If Pepe continues its upward trajectory, its market cap could soon rival that of Dogecoin and Shiba Inu, making it a dominant force in the memecoin realm.
