Who is winning the meme battle: PEPE, SHIB, or DOGE?
During the latest altcoin bull rally, many cryptocurrencies experienced a decline in value, including PEPE, which nullified its previous gains. The price of PEPE dropped over 8% in the last 24 hours, trading at $0.000001623 with a market capitalization of $635 million. Investors have started selling their PEPE holdings, with a whale depositing 3.94 trillion PEPE to Binance to make a profit of around $650k. The supply of PEPE on exchanges increased while its supply outside of exchanges declined, indicating high selling pressure. Despite this, the total number of holders continued to rise.
The declining trend in PEPE’s price may continue as its 1-day price volatility increased and its MVRV Ratio decreased. In addition to PEPE, Dogecoin also saw a decline in price, while Shiba Inu experienced a price increase of over 4% and was the top traded token among the top 100 Ethereum whales. Dogecoin’s price dropped over 2.5% in the last 24 hours, trading at $0.06926, while Shiba Inu had a value of $0.000008326 and a market capitalization of over $4.9 billion.
Overall, the latest altcoin bull rally seems to have ended, with most cryptocurrencies experiencing a decline in value. PEPE and Dogecoin both saw their prices drop, while Shiba Inu bucked the trend with a price increase. The selling pressure on PEPE has led to an increase in supply on exchanges and a decrease in supply outside of exchanges. The declining trend in PEPE’s price may continue, as indicated by its increased price volatility and decreased MVRV Ratio.
About The Author
