Comparing SHIB, DOGE, and PEPE: Price Outlook
Over the past week, the memecoin ecosystem has experienced a surge in retail investment capital, with Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe Coin (PEPE) gaining significant volume. As the bullish cycle gradually sets in, it is natural for investors to analyze growth metrics to determine which of these top memecoins is leading the bull run.
When it comes to price outlook, the memecoin ecosystem as a whole has seen a collective increase of more than 74% in the past week. Among the three coins, PEPE has shown the highest price gains. Its price has soared as high as 53.85%, with an actual spot valuation of $0.000008595. This marks a reversal from its recent All-Time High (ATH) of $0.000009885.
However, PEPE’s success has not negatively impacted Shiba Inu, which has maintained strong support at the $0.00003 price point. Over the past week, Shiba Inu’s price has jumped by 53% to reach $0.00004534. This highlights the diversity in asset allocation among retail investors.
Dogecoin, on the other hand, has experienced the least growth among the three memecoins, with only a 22.2% increase over the past week. Despite this, Dogecoin remains the de facto leader in terms of dominance per price action and market capitalization. It currently boasts a market capitalization of $24,661,661,574.
In terms of market capitalization rankings, Shiba Inu recently made history by rising to the 10th position among the largest cryptocurrencies. It displaced Avalanche (AVAX) after reaching a market cap of $19,708,714,213. PEPE ranks third in this regard, with a market cap of $3,551,037,512. However, all three memecoins are currently experiencing a downturn.
Variations in Memecoin Adoption Curve
Data insights from crypto analytics provider IntoTheBlock reveal a significant difference in the number of holders within each memecoin ecosystem. PEPE has only 170,000 addresses, while Shiba Inu and Dogecoin have 1.3 million and 6.3 million holders respectively.
Despite PEPE’s impressive performance this month, it currently has only 170k addresses holding $PEPE. This is still significantly lower than SHIB’s 1.3M and DOGE’s 6.3M holders.
– IntoTheBlock (@intotheblock) March 10, 2024
While the metrics for measuring the success of SHIB, DOGE, and PEPE are numerous, there is an underlying trend of bullish traits across the board.
Hot Take: The Battle of Memecoins Continues 🚀
The memecoin ecosystem has seen significant retail investment capital flowing into Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe Coin (PEPE) in recent times. As the bullish cycle gains momentum, investors are closely monitoring these top memecoins to determine which one is leading the way.
In terms of price outlook, PEPE has experienced the highest gains among the three coins in the past week. Its price surged by over 53%, marking a reversal from its previous All-Time High (ATH). Meanwhile, Shiba Inu has maintained strong support at a specific price point, showcasing the diversity in asset allocation among retail investors. Dogecoin, despite experiencing the least growth, remains the dominant player in terms of market capitalization.
While PEPE has fewer holders compared to SHIB and DOGE, the bullish trend in the memecoin ecosystem is evident across all three coins. It will be interesting to see how these memecoins continue to compete and evolve in the coming weeks.
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