Santiment Warns that Pepecoin’s Potential as a Top Meme Coin May be Limited Due to the Lack of Retail Investors.
A new report by on-chain analytics firm, Santiment, has found that pepecoin (PEPE) could face difficulties in the current trading environment, compared to shiba inu (SHIB) and dogecoin (DOGE). The report analysed liquidity and trading metrics for the three meme coins. PEPE’s trading volume decreased by 74% in May, while SHIB and DOGE’s volumes only decreased by 51% and 28%, respectively. Additionally, PEPE saw a significant drop in social sentiment, while SHIB and DOGE maintained positive social sentiment. The report suggests that PEPE’s reliance on a few large holders may limit its liquidity, compared to SHIB and DOGE, which have more diversified holder bases. The report notes that the meme coin market, in general, is facing challenges as retail interest wanes and attention shifts to new projects like NFTs.
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