- PEPE was up +400% returns on a YTD basis, dwarfing SHIB’s 24% and DOGE’s 10%
PEPE seemed well-positioned to outperform DOGE and SHIB if market sentiment improves
As a seasoned analyst with years of experience navigating the cryptocurrency market, I find myself intrigued by the performances of memecoins such as Dogecoin [DOGE], Shiba Inu [SHIB], and Pepe [PEPE]. Having closely observed these digital assets throughout their journey thus far, it’s evident that PEPE has been a standout performer in 2024.
In the first half of 2024, meme coins held sway across the cryptocurrency markets and were among the top performers. Their outstanding performance in H1 attracted a wave of investors eager to reap similar rewards. However, as the market prepares for a potential recovery in Q4, it’s worth exploring how these meme coins have performed thus far and what their prospects might be.
As an analyst, I’ll be delving into a comparison of the returns investors have garnered from their investments in Dogecoin [DOGE], Shiba Inu [SHIB], and Pepe [PEPE]. This analysis aims to provide insights into the profitability differences among these popular digital assets.
DOGE vs. SHIB vs. PEPE profits
This year so far, PEPE has surpassed DOGE and SHIB, the two established meme coins. Specifically, PEPE, which is themed around a frog, has seen an increase of more than 400%, while SHIB and DOGE have risen by 24% and 10% respectively.
In terms of Q3, PEPE experienced steeper declines than both SHIB and DOGE during market downturns. Specifically, PEPE fell by 35%, while SHIB decreased by 22% and DOGE only dropped by 17%.
In short, PEPE was more volatile than DOGE and SHIB as it pumped higher and dropped harder.
Memecoin valuations and recovery potential
Based on the Market Value to Realized Value analysis by Sentiment, it appears that every investor holding memecoins during the previous three months has experienced potential losses that have yet to be realized.
The negative reading on the MVRV also meant that the memecoins were grossly undervalued and relatively discounted. Hence, the question – Which memecoin may be best positioned for a possible explosive upside?
It seems that, based on the daily price data, Shiba Inu (SHIB) and Dogecoin (DOGE) have largely returned to their yearly highs, approaching values last seen in March.
Instead, PEPE managed to stay strong above its Q2/Q3 support line, even amidst market declines.
Protecting its Q2 performance, the meme coin PEPE might be particularly well-positioned for a swifter and more powerful rebound compared to DOGE and SHIB in the coming days. This could be even more evident if the overall market mood becomes optimistic.
If so, PEPE investors could still dominate and outperform their DOGE and SHIB colleagues. That being said, the frog-themed memecoin also dropped harder during drawdowns.
To summarize, it’s clear that those who invested in PEPE have enjoyed superior year-to-date gains compared to investors in DOGE and SHIB. PEPE has soared over 400%, outperforming SHIB by a factor of 40, and exceeding DOGE’s returns more than 15 times.
From a market structure perspective, PEPE seemed well-positioned for a stronger recovery after defending the key Q2/Q3 support zone. Unlike DOGE and SHIB, with both down to their March levels.
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2024-09-13 12:07