PEPE shows why DOGE, SHIB holders should be concerned

  • PEPE resisted being part of the broader market collapse.
  • Dogecoin and Shiba Inu holders remain much more than PEPE.

Is one frog better than two dogs? This is one question market participants might need to ask as Pepe [PEPE], the frog-themed memecoin seems to be outperforming Shiba Inu [SHIB] and Dogecoin [DOGE].

On the 5th of March, the crypto market collapsed as Bitcoin [BTC] hit a new all-time high.

But a few minutes later, the price crashed, and BTC dragged the broader market along. During this period, PEPE, DOGE, and SHIB lost their previous bullish momentum.

The memecoin dominance has changed

Dogecoin and Shiba Inu dropped by 6.14% and 8.23% in the last 24 hours.  However, PEPE displayed unwavering strength, decreasing only by 0.14%.

The incident has triggered speculation around PEPE’s future performance when compared to the dog-themed cryptocurrencies. If PEPE repeats the performance it has had recently, then the token might perform much better than DOGE and SHIB this cycle.

Over the last 30 days, Dogecoin’s price has increased by 116.15%. Shiba Inu, on the other hand, climbed by 321% while PEPE’s price surged more than both with a 759% one-month pump.

AMBCrypto looked at the sentiment around all three projects. Using Santiment’s on-chain data, we noticed that Dogecoin’s and Shiba Inu’s Weighted Sentiment had dropped.

Source: Santiment

This decline implies that the broader market was not bullish on the memecoin prices. For the frog-themed token, it was another story. As of this writing, PEPE’s Weighted Sentiment rose, indicating that traders seem confident in the price action compared to the other two.

Eyes are still on the others

Another metric we looked at was the number of holders. According to data from Santiment, the number of Shiba Inu decreased from 1.38 million to 1.37 million. This decrease suggests that some holders have liquidated their holdings probably because of the gains the token recently had.

For Dogecoin, it was 6.55 million. But we noticed that the number had increased from what it was on the 2nd of March. This trend suggests that market participants are bullish on DOGE’s future performance. Therefore, most have decided not to cash in on the coin.

However, Pepe had a lower holder count. However, the rate of growth in the metric was at a faster pace than that of DOGE and SHIB.

Data showing the total number of PEPE, DOGE, and SHIB holders

Source: Santiment

As it stands, PEPE’s performance could continue to attract more buyers. However, that is not to say that DOGE and SHIB would be sidelined.

Realistic or not, here’s PEPE’s market cap in SHIB terms

But if PEPE’s price continues to jump 7x over the next few months, then its market cap might start to compete with that of Dogecoin and Shiba Inu.

At press time, the market cap of Shiba Inu was over $21 billion. Dogecoin’s market cap was 24 billion while PEPE was behind at $3.24 billion.

Next: What Bitcoin’s sharp correction from $69k tells you

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