Popular memecoins such as Pepe [PEPE] and Shiba Inu [SHIB] exhibit similar behavior in terms of price movements and metrics. Signals of a change in short-term momentum and slow accumulation are observed for one of these assets. The Shiba Inu team has announced a new marketplace aimed at transforming Web3 commerce, but no firm timeline has been given.
Market Status of PEPE and SHIB
Over the last ten days, both PEPE and SHIB have been trading near the upper limits of their trading ranges. PEPE's trading range lies between 0.0000099 and 0.0000076, with support currently observed at 0.0000088. The area between 0.000009 and 0.0000096, which was the old support level, has now become resistance, making the upward momentum difficult. On PEPE's six-hour chart, the Relative Strength Index (RSI) has not risen above the 50 level, reflecting continued selling pressure. Additionally, On-Balance Volume (OBV) also shows that buyer interest remains low.
Shiba Inu has been trading in the range of 0.0000174 to 0.0000127 in the last two weeks. Compared to PEPE, SHIB is in a slight uptrend in the short term. The RSI for SHIB is hovering above 50, indicating positive momentum. OBV also remains stable, indicating potential upward movement.$SHIB
PEPE's on-chain metrics are giving conflicting signals: its Network Value to Transactions (NVT) ratio appears overvalued, while its 30-day Market Value to Realized Value (MVRV) ratio shows it to be undervalued. Additionally, the decline in daily active addresses and the decline in average coin age indicate reduced demand and ongoing distribution, suggesting continued weakness.
On the other hand, Shiba Inu's 30-day MVRV is close to positive, providing a healthier market sentiment. While the average coin age increases slowly, indicating accumulation, Shiba Inu supports a stronger bullish outlook in the short term with its higher number of daily active addresses than PEPE.
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