Pepe (PEPE) and Shiba Inu (SHIB) are two prominent meme coins that have demonstrated very different growth patterns so far over the course of 2024. As of Sept. 5, 2024, Pepe (PEPE) has increased by 440.74% year-to-date (YTD), while Shiba Inu (SHIB) has grown by 29.31% YTD. Despite Pepe’s larger price jump, Shiba Inu holds a higher market cap of $7.82 billion, compared to Pepe’s $3.04 billion. Let’s take a closer look at some of the market dynamics at play with these two popular crypto meme coins.
Dominating Early Trading Volume
According to data from Messari, Pepe Coin saw its real volume peak earlier in the year, surpassing $3 billion in March. By Sept. 5, 2024, PEPE’s trading volume stood at $850.6 million, reflecting continued market interest.
Real trading volume charts for PEPE and SHIB from Jan. to Sept. 2024. Source: Messari
In comparison, Shiba Inu recorded its highest real volume in March 2024, reaching $12 billion. However, trading activity for SHIB has since declined, with its real volume at $241.9 million by Sept. 5.
Shiba Inu Holders Show Confidence, Pepe Coin Sees Volatility
According to Santiment data, supply held by Shiba Inu’s top addresses increased to 61.1% of the total supply by Sept. 2024. This figure has seen steady growth throughout the year, suggesting that a few large holders have consolidated control over the token. Chiefly, this growth in top-holder concentration indicates confidence among the biggest players, possibly reflecting a belief in SHIB’s long-term potential.
Comparison of supply held by top addresses for PEPE and SHIB. Source: Santiment
Conversely, Pepe Coin’s top addresses hold 45.2% of the supply, reflecting more fluctuation and less steady accumulation by its largest holders.
The numbers appear to support that Shiba Inu holders may have greater long-term confidence, while PEPE’s shifting holder base could signal less conviction among its top holders.
Shiba Inu Eyes Major Breakout, Pepe Tests Key Support
Prominent crypto analyst Javon Marks pointed out that SHIB has confirmed several bullish patterns, particularly a Hidden Bullish Divergence with the RSI. He suggests that these signals could lead to a substantial price recovery, forecasting a potential 231% rally. Marks believes SHIB could target $0.000081, a price level representing a 480% increase from current levels.
Source: Javon Marks
Analyst CryptoJack stated that PEPE is in a descending channel, retesting support, with potential for a bounce above resistance.
As we head into the fourth quarter of 2024, all eyes will be on these two popular meme coins in the crypto market.
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