As Pepe [PEPE] attempts to overtake Shiba Inu [SHIB], which way do the scales tilt

• There have been over 3,350 wallets that held each PEPE and SHIB. 
• PEPE’s on-chain metrics and market indicators recommended a continued value uptrend. 

The meme sport within the crypto house acquired fascinating within the current previous with the launch of Pepe [PEPE]. The token was fast to seize buyers’ consideration, as evident by its value surge, which might pose a menace to the highest meme tokens like Shiba Inu [SHIB]. 

Learn Pepe’s [PEPE] Worth Prediction 2023-24

Does PEPE stand an opportunity towards SHIB?

Nansen, in a tweet posted on 30 April, highlighted PEPE’s standing compared with that of SHIB. The tweet talked about that in only a matter of two weeks, PEPE acquired greater than 54,000 holders. This represented the escalating reputation of the newly launched meme token. 

54,000+ $PEPE holders in simply 2 weeks? 🤯

Spectacular, however let’s not overlook the 1.3 million $SHIB holders on the market!

And do you know that over 3,350 wallets maintain each memecoins?

Let’s dive into the highest holders of those two 👇 pic.twitter.com/VmJPdJZQEY

— Nansen 🧭 (@nansen_ai) April 30, 2023

Nevertheless, as of now, its reputation doesn’t appear to be regarding for SHIB, because the latter’s variety of holders has surpassed a million. It was additionally fascinating to notice that there have been over 3,350 wallets that held each PEPE and SHIB.

Nansen’s tweet revealed {that a} pockets named Wintermute 0x2800 first acquired 1.2 billion SHIB on 23 February with a press time steadiness of 15.2 billion. It first acquired 46.5 billion PEPE on 20 April with a present steadiness of 81.6 billion. Furthermore, its final transaction was swapping 5,200,712,114 PEPE for 1.67 WETH. 

PEPE is outperforming SHIB

Although SHIB has the higher hand out there when it comes to the variety of holders, issues regarded totally different on the metrics entrance. As per CoinMarketCap, the brand new meme token had a 24-hour buying and selling quantity of $268 million, which was greater than double the 24-hour buying and selling quantity of SHIB.

Furthermore, whales’ curiosity in PEPE elevated in comparison with SHIB, as evident from the spike within the token’s whale transaction rely. 

Supply: Santiment

One other encouraging metric was the token’s provide on exchanges, which registered a steep decline. The decline was accompanied by a hike in provide outdoors of exchanges. Whereas this regarded bullish for the newly launched meme token, SHIB’s provide outdoors of exchanges remained flat. 

Supply: Santiment

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The meme token’s streak to proceed 

A have a look at PEPE’s day by day chart gave extra causes to rejoice. The meme token’s Exponential Shifting Common (EMA) Ribbons revealed that the bulls had been main the market. Its Chaikin Cash Movement (CMF) was additionally considerably excessive, growing the probabilities of a continued value surge.

Is your portfolio inexperienced? Verify the Shiba Inu Revenue Calculator   

Nonetheless, the meme token’s Relative Energy Index (RSI) was in an overbought zone, which might trigger bother. 

Supply: TradingView

At press time, PEPE was trading 50% increased within the final 24 hours and was valued at $0.0000008014 with a market capitalization of over $312 million. However, SHIB’s value registered a decline of almost 2% in the identical interval and was buying and selling at $0.00001005.