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PEPE outshone top memecoins. A look at how it compared in performance against DOGE and SHIB.
Whales were at the forefront of PEPE’s recent rally, but can they maintain the momentum?
As a seasoned researcher with years of experience under my belt, I can confidently say that the recent performance of Pepe [PEPE] has been nothing short of impressive. It’s like watching a comet light up the night sky, outshining its more established counterparts in the memecoin segment – Dogecoin [DOGE] and Shiba Inu [SHIB].
This week, PEPE has emerged as a top choice for those aiming to achieve maximum returns within the popular meme coin market. Compared to Dogecoin [DOGE] and Shiba Inu [SHIB], PEPE has shown more substantial growth over the past seven days.
According to recent data from CoinMarketCap, PEPE experienced a 6.69% surge over the past 24 hours and recorded a 13.88% increase during the previous week.
Instead, Dogecoin increased by 2.06% over the same period and registered a 2.1% rise weekly. On the other hand, Shiba Inu saw a 1.48% surge within the past 24 hours and experienced a 6.87% growth in the last seven days.
At the current moment, PEPE was being traded at a price of 0.0000083. At this stage, the memecoin hadn’t reached an overbought state, but it had displayed indications of increasing velocity.
PEPE has a chance to rally by another 16% before pushing into the next major resistance zone.
PEPE’s recent surge seems similar to a rebound following the prolonged slump it has been in since late May.
However, what’s interesting is that despite being smaller in size compared to their larger counterparts, Shiba Inu and Dogecoin have been surpassing them. This might be due to their presence during the 2021 bull market.
PEPE made its debut last year, which means its full potential is yet to be tested.
Whales at the forefront of PEPE’s latest rally
The advantage might lean towards PEPE due to its allure, but there’s another aspect that highlights its recent success.
Its historical concentration data revealed noteworthy whale accumulation.
As of the 10th of September, whales held approximately 199.7 trillion PEPE coins. However, within just ten days, this number has skyrocketed to a staggering 205.19 trillion PEPE coins.
So far, neither retail nor investor accounts have shown notable increases in their deposits or investments.
Between the 18th and 19th of September, a significant increase was observed in the amount of PEPE tokens being held by large investors. The flow surged from approximately 1.92 trillion tokens to an impressive 6.2 trillion tokens, suggesting that these whales have been actively accumulating the token.
However, there was also some profit-taking as large holder inflows experienced an uptick.
On September 18th, the massive wallet containing Pepe’s tokens showed a significant increase in outflow, shifting from 2.15 trillion tokens to 5.82 trillion tokens. This indicates an increase in selling activity from large investors or whales.
Read Pepe’s [PEPE] Price Prediction 2024–2025
Nevertheless, the net flows were in favor of the bulls.
If PEPE manages to convince whale investors to hold onto their shares rather than selling them, there’s a possibility that the price of PEPE could increase. However, this outcome hinges on two factors: whether the pressure from whale sellers decreases, and if PEPE can successfully attract more interest from both institutional investors and retail buyers.
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2024-09-20 22:15