PEPE Coin Mimicks Shiba Inu; Which Memecoin Gain Upper Hand

Crypto Market News: It would be an understatement to just say Pepe Coin amassed impressive crypto trader demand since its recent launch. The memecoin was, in fact, at one stage leading the crypto market rally following its listing on Binance. However, a PEPE Coin price surge by 34 times over the last three weeks was followed by significant correction to the 300% weekly rise after the Binance listing announcement. Interestingly, the monumental rise in value for the memecoin came at a time when the bulk of crypto tokens were suffering from weekly losses.

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Pepe Coin Vs Shiba Inu

An interesting similarity emerged when trading data for PEPE and SHIB were compared in initial days after Binance listing. The Shiba Inu memecoin was listed in the Binance innovation zone on May 10, 2021, almost two years prior to the PEPE listing. But it was the peak of the 2021 bull run scenario when Shiba Inu was listed, compared to the bearish environment in the current cycle. Yet, PEPE’s daily trading volume numbers have been almost close to that of SHIB in the first few days of Binance listing. To put it in perspective, SHIB’s first 10 days trading volume was at $2.21 billion, compared to PEPE’s $2.075 billion in the first four days.

in the first 10 days after @binance listed $SHIB, it averaged $2.21 billion in daily trading volume … in a bull market

in the first 4 days after @binance listed $PEPE, it’s averaging $2.075 billion in daily trading volume … in a *bear* market

let that sink in

block out the… pic.twitter.com/22Qf1DDMKc

— Ryan LΞe ᵍᵐ (@AllRyLHedUp) May 8, 2023

Also Read: Bitcoin Ordinals Gain Binance Support; May Launch In Sight

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Reach out to him at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.