On-chain analyst Santiment has reported that the recent surge of meme-inspired cryptocurrency PEPE, also known as PepeCoin, saw a dramatic +1,200% jump in the first week of May before its predictable decline.
In comparison to past meme coin surges, Santiment looked at how PEPE’s trading volumes and social media presence compared to those of DOGE and SHIB.
DOGE and SHIB have already had moments of glory in the world of meme-inspired cryptocurrencies, with their trading volumes reaching astronomical heights in their heydays.
However, the coin’s trading volume during its peak was significantly lower, only reaching $2 billion, while SHIB and DOGE hit $40 billion and $70 billion, respectively.
This means that the liquidity and retail participation in the market for PEPE is far less than what DOGE and SHIB experienced in previous years. In fact, the retail landscape has changed dramatically, with retail participation appearing nearly nonexistent.
This may be due to the recent crash of FTX and LUNA, which has left many “dinosaurs” in the dust, causing the trading volumes for these meme-inspired cryptocurrencies to dwindle.
Despite the differences in trading volume and liquidity, PEPE’s social volume within the crypto media is on par with DOGE and SHIB during their peak periods. However, when it comes to mainstream media coverage, PEPE falls short, primarily remaining confined to the realm of crypto Twitter.
Considering all of these factors, it seems unlikely that PEPE will have the same market impact as DOGE and SHIB. Although growth potential exists, the lack of retail engagement, liquidity, and mainstream media attention may prevent PEPE from achieving the same level of success as its predecessors.
The crypto market’s focus is now shifting to other prospects, and the interest and investment from retail traders have significantly diminished.
PEPE Price Analysis
The coin is currently showing bearish signs, as per the latest data from CoinMarketcap. The cryptocurrency is trading at $0.000001675, down by about 0.55% in the last 24 hours. However, the weekly chart recorded a decline of about 16.07%, indicating some market volatility.
In addition, the coin’s trading volume has witnessed a decrease of 16.36%, reaching $338,843,215, whereas the market capitalization has increased by 1.01% in the last 24 hours.
Related Reading | XRP’s Path to Millionaire Status: Bitboy Advocates a Conservative Stance for Success