As Pepe [PEPE] attempts to overtake Shiba Inu [SHIB], which way do the scales tilt

• There were over 3,350 wallets that held both PEPE and SHIB. 
• PEPE’s on-chain metrics and market indicators suggested a continued price uptrend. 

The meme game in the crypto space got interesting in the recent past with the launch of Pepe [PEPE]. The token was quick to grab investors’ attention, as evident by its price surge, which could pose a threat to the top meme tokens like Shiba Inu [SHIB]. 

Read Pepe’s [PEPE] Price Prediction 2023-24

Does PEPE stand a chance against SHIB?

Nansen, in a tweet posted on 30 April, highlighted PEPE’s status in comparison with that of SHIB. The tweet mentioned that in just a matter of two weeks, PEPE got more than 54,000 holders. This represented the escalating 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 out there!

And did you know that over 3,350 wallets hold both memecoins?

Let's dive into the top holders of these two ? pic.twitter.com/VmJPdJZQEY

— Nansen ? (@nansen_ai) April 30, 2023

However, as of now, its popularity does not seem to be concerning for SHIB, as the latter’s number of holders has surpassed one million. It was also interesting to note that there were over 3,350 wallets that held both PEPE and SHIB.

Nansen’s tweet revealed that a wallet named Wintermute 0x2800 first received 1.2 billion SHIB on 23 February with a press time balance of 15.2 billion. It first received 46.5 billion PEPE on 20 April with a current balance of 81.6 billion. Moreover, its last transaction was swapping 5,200,712,114 PEPE for 1.67 WETH. 

PEPE is outperforming SHIB

Though SHIB has the upper hand in the market in terms of the number of holders, things looked different on the metrics front. As per CoinMarketCap, the new meme token had a 24-hour trading volume of $268 million, which was more than double the 24-hour trading volume of SHIB.

Moreover, whales’ interest in PEPE increased compared to SHIB, as evident from the spike in the token’s whale transaction count. 

Source: Santiment

Another encouraging metric was the token’s supply on exchanges, which registered a steep decline. The decline was accompanied by a hike in supply outside of exchanges. While this looked bullish for the newly launched meme token, SHIB’s supply outside of exchanges remained flat. 

Source: Santiment

The meme token’s streak to continue 

A look at PEPE’s daily chart gave more reasons to rejoice. The meme token’s Exponential Moving Average (EMA) Ribbons revealed that the bulls were leading the market. Its Chaikin Money Flow (CMF) was also substantially high, increasing the chances of a continued price surge.

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Nonetheless, the meme token’s Relative Strength Index (RSI) was in an overbought zone, which could cause trouble. 

Source: TradingView

At press time, PEPE was trading 50% higher in the last 24 hours and was valued at $0.0000008014 with a market capitalization of over $312 million. On the other hand, SHIB’s price registered a decline of nearly 2% in the same period and was trading at $0.00001005.