PEPE compares to SHIB and DOGE – PEPE has taken the meme coin community by storm since its launch in April 2023. Santiment shares insight into how this trending coin compares to its forerunners Shiba Inu (SHIB and Dogecoin (DOGE).
PEPE exponential rally
The internet frog meme avatar token ca,e into existence about a month ago, and since then, its price has grown exponentially to unexpected heights. PEPE has enjoyed its own share of popularity since its launch.
The best part of the rally happened earlier in May 2023 when its price skyrocketed to over 1200%. It succeeded in printing several millionaires who bought the token earlier before the surge.
However, since the rally, the “craze” surrounding the token seems to have died down. Regardless of this, investors are still thinking about the long-term prospect of the coin since it has been seen by many to potentially be as successful as DOGE and SHIB.
But in reality, can the trend continue, and can it really be compared to its predecessors?
Market intelligence platform and on-chain analysis firm Santiment did a comparison of some metrics between the three meme coins. The analysis is to see how PEPE stands among them.
The first metric to be looked at is the trading volume. For context, “trading volume” refers to the total number of contacts exchanged between traders of an asset during daily trading hours.
Santiment posted a chart that highlights the trade volume of PEPE. The chart also shows the behavior shown by the indicator during Dogecoin (DOGE) and Shiba Inu (SHIB) peaks. See the post below:
🐸 The $PEPE #FOMO was in full force during the first week of May, jumping approximately +1,200% in a week before its predictable decline. Our latest insight looks at how this #memecoin surge compared to ones of the past, and how we can learn from it. 👇 https://t.co/LusXE2urza pic.twitter.com/hsfXRu1UYp
— Santiment (@santimentfeed) May 16, 2023
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According to the chart, so far, PEPE has witnessed a peak trading volume of $2 billion. When looked at without comparison, the peak is quite sizeable, but when compared to SHIB and DOGE, the rally seems insignificant. Dogecoin (DOGE) and Shiba Inu (SHIB) had a peak at $70 billion and $40 billion respectively in 2021.
Note that the huge spikes in trading volume of DOGE and SHIB occurred throughout the asset’s lifetime compared to PEPE which is still in its infant stage. Santiment explains,
“Although PEPE’s trading volume is significantly lower, it leaves room for growth and untapped potential.” Furthermore, the Market intelligence analyst added
“However, it also means that the liquidity and retail participation in the market for PEPE is far less than what DOGE and SHIB experienced in previous years. In fact, it seems the retail landscape has changed dramatically, with retail participation appearing nearly nonexistent.”
Pepe’s social volume
Social volume is another metric that was considered in the comparison. For context, social volume is a measure of the level of discussion and engagement that a crypto project receives across social media.
The chart below shows the trend in social volume for the three meme coins:
Considering Twitter discussions, PEPE has been on the same level as DOGE and SHIBE during their peak periods. However, when compared based on mainstream media coverage, PEPE is not on the same level as Dogecoin and Shiba Inu.
Santiment concludes that while PEPE has potential for growth, it still has a long way before it reaches the same heights as DOGE and SHIB.
PEPE price today
According to live data from CoinMarketCap, PEPE is currently selling at $0.000001718. It is up 4.13% in the last 24 hours. Furthermore, Pepe (PEPE) is ranked #62 on the CoinMarketCap chart with a live market cap of $679,554,308 USD.