Pepe price outperforms Dogecoin, Shiba Inu in meme coin market
- Unlike PEPE, leaders of the meme coin market, Dogecoin and Shiba Inu failed to note significant gains in the past seven days.
- PEPE, on the other hand, rose by more than 70% in the same duration on the back of its whales.
- Shiba Inu is still reeling from the exit of its 40k investors that took off once the price began crashing earlier this month.
The crypto market made a substantial recovery over the past week, with Bitcoin leading the altcoins to profits. However, not every cryptocurrency made it that far in its journey of recovery, particularly the meme coins. PEPE proved to be an unexpected substitute for Bitcoin for Dogecoin and Shiba Inu.
Pepe price rallies with the help of whales
PEPE holders had a field day this week as Pepe price registered a spectacular rise in its value. The meme coin went from trading at $0.00000095 to $0.00000162, shooting up by more than 70% in the span of seven days. However, for the last three days, the token has kept its movement restricted sideways.
PEPE/USD 1-day chart
This is because the whales that had been driving the rally these past few days have gone quiet after the coin breached $0.00000160. Whale activity peaked for this month around June 22, when 850 million PEPE was used in conducting transactions across the network. The impact of this is still being felt as the PEPE price is seemingly set to perform better.
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PEPE whale transaction activity
PEPE emerged as the saving grace for meme coins after Dogecoin and Shiba Inu failed to lead their category-specific cryptocurrencies to success. As a matter of fact, Floki Inu and Bone ShibaSwap have performed better than DOGE and SHIB.
The reason behind this is the paranoia of investors during bullish phases, as they could face losses if they make the wrong decision with such a volatile asset. As a result, Shiba Inu did not observe much increase. Instead, it is currently dealing with the exit of 40,000 SHIB holders that decided not to stay and face losses after the crash of June earlier this year.
Shiba Inu total addresses
Thus, it will take a while for the meme coin leaders to bounce back; until then, PEPE is taking care of its fellow meme coins. However, it must be noted that PEPE’s volatility is no less dangerous and could result in unprecedented losses.
Author
Aaryamann Shrivastava
FXStreet
Aaryamann Shrivastava is a Cryptocurrency journalist and market analyst with over 1,000 articles under his name. Graduated with an Honours in Journalism, he has been part of the crypto industry for more than a year now.
