Popular Memecoins Losing Ground: Pepe Token (PEPE) Drops Out of Top 100
This year, popular memecoins have been dominating the crypto conversation. While Shiba Inu (SHIB) and Dogecoin (DOGE) have long been known to the public, 2023 has seen the emergence of Pepe Token (PEPE), a memecoin based on a well-known internet meme.
While Shiba Inu and Dogecoin manage to maintain their positions in the global crypto rankings, Pepe Token has dropped out of the top 100, experiencing a staggering 52.5% loss in just one month.
Key On-Chain Stats Highlight Pepe Token’s Performance
Blockchain analytics firm IntoTheBlock has analyzed the “In The Money” metric for six popular memecoins to determine how many holders are currently profiting at the current price. According to their data, 19% of PEPE holders are making a profit, while Shiba Inu’s Doge Killer (LEASH) and Dogelon Mars (ELON) have 16% and 13% of holders in profit, respectively. SHIB and Floki (FLOKI) are the worst performers, with only 9% of holders profiting.
Interestingly, Dogecoin remains the top performer in this category, with 40% of current holders in profit. Despite this, Dogecoin has experienced an 18.5% decline in the last 30 days.
Price Correlation and Potential Growth for Memecoins
While Dogecoin’s price correlation with Bitcoin (BTC) is 0.9, indicating a strong relationship, Pepe Token’s correlation is 0.61, making it less susceptible to altcoin-related volatility. Another memecoin, Bone ShibaSwap (BONE), comes close to Dogecoin’s performance, with 36% of holders in profit. However, the lack of major listings has hindered its wider adoption.
Hot Take: The Impact of Memecurrencies
Memecurrencies play a significant role in driving altcoin rallies and generating social engagement for the crypto and blockchain industry. Despite the ups and downs, these memecoins continue to capture the attention of crypto enthusiasts and remain an important part of the market.
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