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PEPE vs SHIB vs DOGE – who’s winning the meme battle?

3min Read

PEPE’s price declined by over 8% while its supply on exchanges increased. DOGE’s price also went down, but SHIB moved the other way. 

PEPE, SHIB, and DOGE—who is winning the meme battle?

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  • PEPE’s supply on exchanges increased while its supply outside of exchanges declined.
  • SHIB, however, registered a price uptick of more than 4% in the last 24 hours. 

The latest altcoin bull rally seemed to have come to an end already, as most cryptos’ daily charts were in the red at press time. Pepe [PEPE] was also a victim of the latest price decline, as its declining value nullified last week’s gains. 


Realistic or not, here’s PEPE market cap in BTC‘s terms    


In fact, the latest data revealed that investors have already started to sell their assets in order to make profits. Apart from PEPE, Dogecoin’s [DOGE] value also registered a decline. However, it was interesting to note that at press time, Shiba Inu’s [SHIB] price was shooting up. 

PEPE bears are taking over

After a comfortable bull rally, the good days for investors came to an end as the bears took over. As per CoinMarketCap, PEPE’s price declined by over 8% in the last 24 hours. At the time of writing, the memecoin was trading at $0.000001623 with a market capitalization of over $635 million.

To add to the disaster, Lookonchain’s tweet revealed that investors have already started to sell their holdings. As per the tweet, whale 0xa54d deposited 3.94 trillion PEPE, worth $7 million, to Binance to make a profit of around $650k.

 

A similar trend of sell-offs was also noted on Santiment’s chart. PEPE’s supply on exchanges increased while its supply outside of exchanges declined, suggesting high selling pressure.

Additionally, the memecoin’s exchange inflow spiked while its price started to decline, which was a bearish signal. Interestingly, whale activity remained high during the entire episode. Despite the hike in selling pressure, the total number of holders continued to rise. 

Source: Santiment

The declining price trend might continue for longer as the memecoin’s 1-day price volatility registered an uptick. After a spike, PEPE’s MVRV Ratio also went down, further increasing the chances of a continued downtrend in the days to follow.

Source: Santiment


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


The meme battle is intense

Not only PEPE, but DOGE, the largest memecoin by market cap, also felt the heat. As per CoinMarketCap, DOGE’s price has declined by more than 2.5% in the last 24 hours. At press time, it was trading at $0.06926.

However, SHIB chose to move the other way, as its value was up by over 4% in the last 24 hours. Additionally, the memecoin was also the top traded token among the top 100 Ethereum [ETH] whales. At the time of writing, SHIB had a value of $0.000008326 and a market cap of over $4.9 billion.

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Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. He is a singer and a guitarist who also enjoys going on long bike rides.
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