PEPE Outperforms Dogecoin and Shiba Inu This Week, Here's Why
- Susan SarandonOriginal
- 2024-09-21 06:24:381047browse
Pepe [PEPE] has turned out to be the better option for anyone looking to maximize gains in the mainstream memecoin segment this week.
output: Pepe [PEPE] managed to outpace Dogecoin [DOGE] and Shiba Inu [SHIB] in terms of weekly gains this week.
CoinMarketCap data showed that PEPE rallied by 6.69% in the last 24 hours, with a 13.88% gain in the last seven days.
In comparison, Dogecoin only rallied by 2.06% during the same time frame and saw a 2.1% gain in the last seven days. Meanwhile, SHIB was up 1.48% in the last 24 hours and gained 6.87% in the last seven days.
PEPE was trading at $0.0000083 at press time. The memecoin was not yet overbought at that price point but has been showing signs of accelerating momentum.
According to IntoTheBlock, PEPE has a chance to rally by another 16% before pushing into the next major resistance zone.
PEPE’s current rally looks like the makings of a recovery rally after the overall downtrend it experienced since the end of May.
But why is it outperforming its larger counterparts? First, Shiba Inu and Dogecoin were present during the previous bull run in 2021.
PEPE, on the other hand, only made its debut last year, which means its full potential is yet to be tested.
The above point may lend PEPE the upper hand in terms of appeal. But there is another observation which underscores its recent performance.
Its historical concentration data revealed noteworthy whale accumulation.
Whales had 199.7 trillion PEPE coins as of the 10th of September. That figure has since soared to 205.19 trillion PEPE in ten days.
Retail and investor categories have so far not demonstrated any significant additions to their balances.
PEPE’s large holder flows revealed a spike in inflows from 1.92 trillion tokens to 6.2 trillion tokens between the 18th of September and the 19th of September. This confirms whale accumulation.
However, there was also some profit-taking as large holder inflows experienced an uptick.
On the 18th of September, Pepe’s large holder outflows bounced from 2.15 trillion tokens to 5.82 trillion tokens. This means there was also an uptick in the amount of sell pressure coming from whales.
Read Pepe’s [PEPE] Price Prediction 2024–2025
Nevertheless, the net flows were in favor of the bulls.
PEPE’s appeal to whales may aid in pushing up its price. However, this will depend on whether sell pressure from whales will subside and depends on its ability to attract more demand from the investor and retail class.
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