Pepe Coin (PEPE) and Shiba Inu (SHIB): A Tale of Two Meme Coins Demonstrating Very Different Growth Patterns

Pepe (PEPE) and Shiba Inu (SHIB) are two prominent meme coins that have demonstrated very different growth patterns so far over the course of 2024.

Pepe Coin (PEPE) and Shiba Inu (SHIB) are two prominent meme coins that have exhibited contrasting growth patterns in 2024. As of September 5, Pepe Coin has surged by 440.74% year-to-date (YTD), while Shiba Inu has clocked a more modest growth of 29.31% YTD.

Despite Pepe Coin's larger price increase, Shiba Inu boasts a higher market capitalization of $7.82 billion compared to Pepe Coin's $3.04 billion. Here's a closer look at some of the market dynamics at play with these two popular crypto meme coins.

Dominating Early Trading Volume

According to data from Messari, Pepe Coin saw its real volume peak earlier in the year, surpassing $3 billion in March. As of September 5, PEPE's trading volume stood at $850.6 million, still reflecting continued market interest in the meme coin.

In comparison, Shiba Inu recorded its highest real volume in March 2024, reaching $12 billion. However, trading activity for SHIB has since declined, with its real volume reaching $241.9 million by September 5.

Shiba Inu Holders Show Confidence, Pepe Coin Sees Volatility

According to Santiment data, the supply held by Shiba Inu's top addresses increased to 61.1% of the total supply by September 2024. This figure has seen a steady growth throughout the year, suggesting that a few large holders have consolidated their control over the token.

The growth in top-holder concentration indicates confidence among the biggest players in the market, suggesting a belief in SHIB's long-term potential. In contrast, Pepe Coin’s top addresses hold 45.2% of the supply, reflecting more fluctuation and less steady accumulation by its largest holders.

These numbers could suggest that Shiba Inu holders have greater long-term confidence, while Pepe Coin's shifting holder base could indicate less conviction among its top holders.

Shiba Inu Eyes Major Breakout, Pepe Coin Tests Key Support

Prominent crypto analyst Javon Marks pointed out that SHIB has confirmed several bullish patterns, particularly a Hidden Bullish Divergence with the RSI. He suggests that these signals could lead to a substantial price recovery, presenting a potential 231% rally. Marks adds that SHIB could target $0.000081, a price level representing a 480% increase from current levels.

Analyst CryptoJack stated that PEPE is in a descending channel, retesting support, with potential for a bounce above resistance.

As we enter the fourth quarter of 2024, all eyes will be on these two popular meme coins in the crypto market.

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