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How PEPE’s confinement caused a block in the bid to displace SHIB, DOGE

2min Read

Compared with Shiba Inu and Dogecoin, PEPE’s impressive performance still lacked attention.

How PEPE’s confinement caused a block in the bid to displace SHIB, DOGE

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  • PEPE’s peak remains far below the best performance of the top memes.
  • Although the token’s value had decreased, there was still potential for growth.

After garnering attention from the crypto community, Pepe [PEPE] might be faced with obstacles as it gears toward mainstream adoption.

Recently, conversations have arisen about the amphibian-themed token position to take Shiba Inu [SHIB] and Dogecoin [DOGE] off the meme-leaders’ standings.

How much are 1,10,100 PEPEs worth today?

The new guy is not yet worthy

However, Santiment’s insight into the ecosystem of all three cryptocurrencies revealed that the tasks might be extremely challenging. According to the on-chain data provider, PEPE’s peak, when compared with that of DOGE and SHIB was far apart.

At PEPE’s highest price, the trading volume reached $2 billion. But when DOGE reached its All-Time High (ATH), the volume hit $70 billion while DOGE peaked at $40 billion. 

The volume indicates the relative significance of market movements in terms of liquidity. It also serves as a measure of the aggregate number of token transactions via the network.

PEPE volume, as against SHIB and DOGE volume

Source: Santiment

Therefore, this data confirms that PEPE’s bid to surpass DOGE and/or SHIB would need more than the participation that has taken place in recent times.

However, it’s important to mention that height of SHIB and DOGE ATH happened in a full-blown bull market. But PEPE’s hype occurred when the market was still struggling with recovery from a severe capitulation.

In terms of social volume, PEPE has been able to match DOGE and SHIB. However, discussions around the trending cryptocurrency have only been limited mostly to Twitter. 

During SHIB’s incredible run, word got out of the social media constraint. Santiment further recalled DOGE’s hype saying,

“While DOGE was discussed on national television, PEPE remains primarily confined to the realm of crypto Twitter.”

Trades in the trash

Although PEPE has been incredibly helpful to the portfolio of retail investors, the decline in value has left participation hanging in the balance

In actual fact, the overall market sentiment has significantly shifted away from PEPE. In considering retail involvement, on-chain data showed that the network growth of PEPE at its highest was 27,000.

The network growth acts as a measure of new addresses participating within a network. When the metric increases, it means more liquidity. When it’s lower, it infers a decrease in the money flow by new participants.

Is your portfolio green? Check the Pepe Profit Calculator

For SHIB, the network growth was 64,500 at a time when its price brought joy to the hearts of investors. In only a short while, the retail landscape of PEPE has been hit with extinction. That was not the case when SHIB and DOGE were not in their off-season.

PEPE network growth and SHIB growth

Source: Santiment


Victor Olanrewaju is a full-time journalist at AMBCrypto. Settled in Lagos, his fascination with blockchain technology and the cryptocurrency market arose out of his love of freedom and everything free. As a Nigerian, Victor understands the impact unfounded financial restrictions have on a population. He sees Bitcoin and cryptos as a way to circumvent these obstacles, as a tool for value creation despite all the setbacks. A graduate in Physics, Victor previously worked as a Senior Marketer at Melange Technologies. Before that, he dealt with crypto-marketers on a regular basis in his capacity as Copywriter at Ventrix Media. At AMBCrypto, Victor’s focus is on assessing the real effectiveness of both on-chain and off-chain developments on a project and its community sentiment.
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