Here’s how the growth in PEPE has compared to that of its predecessor meme coins so far: Shiba Inu (SHIB) and Dogecoin (DOGE).
PEPE’s peak trading volume has not yet been close to DOGE or SHIB
Pepe Coin, a token based on the popular internet frog meme avatar, suddenly entered the picture last month. The coin has risen rapidly in popularity, with its best period in the first week of this month, where it registered a price increase of more than 1,000%.
However, since this amazing rally earlier this month, the cryptocurrency seems to be empty. Nevertheless, market participants are still wondering about the coin’s long-term prospects as the meme coin is considered to be the next big thing after DOGE and SHIB.
But is cab PEPE really comparable to these two best meme coins by market cap?
In its latest insight, the on-chain analytics company Sanitation compared some metrics between these three assets to see where PEPE stands against.
The first indicator of interest here is “trading volume,” which is a measure of the daily total amount of a given cryptocurrency being traded on the blockchain.
Here is a chart showing what the trading volume for PEPE has been like recently, as well as the behavior the indicator showed during the Dogecoin and Shiba Inu respective peaks:
Looks like the value of the metric seems to have been quite small for PEPE in comparison to the others | Source: Santiment
As shown in the chart above, PEPE has seen a peak trading volume of $2 billion so far, which is quite significant in itself, but compared to what Dogecoin and Shiba Inu saw during their best periods, the spike seems very small.
Of course, these massive spikes in DOGE and SHIB trading volumes didn’t happen until later in the asset’s life, while the frog is still in its infancy.
“While PEPE’s trading volume is significantly lower, it leaves room for growth and untapped potential,” explains Santiment.
“However, it also means that the liquidity and retail participation in the market for PEPE is much less than what DOGE and SHIB have experienced in previous years. In fact, it appears that the retail landscape has changed dramatically, with retail participation appearing to be almost non-existent,” the on-chain data aggregator added.
The other metric relevant here is “social volume,” which tells us about the amount of discussion a particular cryptocurrency receives on social media platforms.
The chart below shows the trend in this indicator for the three meme coins:
DOGE's volumes seem to have been the largest out of the three | Source: Santiment
In terms of discussions happening on Twitter, PEPE was on par with DOGE and SHIB during their peak periods. However, when it comes to mainstream media coverage, PEPE falls short. “While DOGE was discussed on national television, PEPE remains mainly confined to the realm of crypto Twitter.”
Based on the fact that retail engagement and mainstream attention to the coin has been low, Santiment has concluded that while the frog-based meme coin has the potential for further growth, it is unlikely to reach the same heights as its predecessors.
PEP price
At the time of writing, PEPE is trading around $0.00000167, down 16% over the past week.
The asset has been moving sideways recently | Source: PEPEUSD on TradingView
Featured image from iStock.com, charts from TradingView.com, Santiment.net
