- PEPE outshone top memecoins. A look at how it compared in performance against DOGE and SHIB.
- Whales were at the forefront of PEPE’s recent rally, but can they maintain the momentum?
Pepe [PEPE] has turned out to be the better option for anyone looking to maximize gains in the mainstream memecoin segment this week. It managed to outpace Dogecoin [DOGE] and Shiba Inu [SHIB] in terms of weekly gains.
CoinMarketCap data revealed that at press time, PEPE pulled off a 6.69% rally in the last 24 hours and a 13.88 weekly gain.
In contrast, Dogecoin only managed to rally by 2.06% during the same time frame and saw a 2.1% weekly gain. Meanwhile, Shiba Inu was up 1.48% in the last 24 hours and gained 6.87% in the last seven days.
PEPE exchanged hands at $0.0000083 at press time. The memecoin was not yet overbought at that price point but has been showing signs of accelerating momentum.
PEPE has a chance to rally by another 16% before pushing into the next major resistance zone.
Source: TradingView
PEPE’s current rally looks like the makings of a recovery rally after the overall downtrend it experienced since the end of May.
But why is it outperforming its larger counterparts? First, Shiba Inu and Dogecoin were present during the previous bull run in 2021.
PEPE made its debut last year, which means its full potential is yet to be tested.
Whales at the forefront of PEPE’s latest rally
The above point may lend PEPE the upper hand in terms of appeal. But there is another observation which underscores its recent performance.
Its historical concentration data revealed noteworthy whale accumulation.
Whales had 199.7 trillion PEPE coins as of the 10th of September. That figure has since soared to 205.19 trillion PEPE in ten days.
Retail and investor categories have so far not demonstrated any significant additions to their balances.
Source: IntoTheBlock
PEPE’s large holder flows revealed a spike in inflows from 1.92 trillion tokens to 6.2 trillion tokens between the 18th of September and the 19th of September. This confirms whale accumulation.
However, there was also some profit-taking as large holder inflows experienced an uptick.
Source: IntoTheBlock
On the 18th of September, Pepe’s large holder outflows bounced from 2.15 trillion tokens to 5.82 trillion tokens. This means there was also an uptick in the amount of sell pressure coming from whales.
Read Pepe’s [PEPE] Price Prediction 2024–2025
Nevertheless, the net flows were in favor of the bulls.
PEPE’s appeal to whales may aid in pushing up its price. However, this will depend on whether sell pressure from whales will subside and depends on its ability to attract more demand from the investor and retail class.
