Traders Remain Bullish on Dogecoin and Shiba Inu, While PEPE Falters.
PEPE, a meme coin inspired by the “Pepe the Frog” meme, gained 1,200% for holders in the first week of May, but lagged behind the trade volumes of Dogecoin (DOGE) and Shiba Inu (SHIB) at their peak. DOGE and SHIB reached $70bn and $40bn in trade volumes respectively, while PEPE peaked at $2bn and currently stands at $455.45m. Santiment experts said PEPE had untapped potential, but social media mentions were largely confined to Twitter and the token lacked retail participation and liquidity. A key metric, the “balance by time held,” found that for both DOGE and SHIB, the percentage of holders and cruisers was rising while the percentage of traders was falling. The recovery potential for DOGE and SHIB is therefore greater than that for PEPE, as the level of retail engagement, liquidity, and social dominance is relatively higher.
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