PEPE Sits 25% From Overtaking SHIB By Market Cap

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Key takeaways

PEPE market cap stands at $1.86 billion compared to Shiba Inu's $2.53 billion.
PEPE daily trading volume significantly outpaces Shiba Inu despite recent price corrections.
Justin Sun holds $51.25 million of PEPE, representing about 2.82 percent of the total supply.

Meme coin market caps and volumes

The old-timer meme coins Shiba Inu and PEPE Token have been competing for the top spot in the global meme currency charts. Presently, PEPE Coin’s market cap stands at $1.86 billion, while Shiba Inu’s hovers around $2.53 billion, says SoSoValue.

There’s a huge discrepancy between the trading volumes, as PEPE Coin currently edges Shiba Inu’s daily turnover by a ten-fold distance. Despite today’s 11.29% downturn for the frog-embossed memecoin, PEPE garnered $470 million in contrast to SHIB’s $43.8 million. Two days ago, PEPE Token leapfrogged to its monthly peak at $0.00000562, scoring a 14.4% rally while the broader market carried on gradually dipping. Amid those gains, PEPE emerged as the biggest meme coin by trading volumes, even overtaking Dogecoin.

Derivatives market and whale activity

The speculative interest on Perpetual markets has also witnessed a considerable spike. With the general market soaking in fear at ‘29’ on Crypto’s Fear & Greed Index, PEPE coin’s price positions have flipped towards bearish levels. The long versus short ratio now flashes 0.90.

That means the short-sellers are outnumbering the market participants betting on the meme coin’s price ascension. The $2.26 million in excessively-leveraged position liquidations hints at PEPE’s holders expecting a PEPE price rally, while short-sellers incurred just $187,000 of it. Conversely, the top-trader accounts on Derivatives have kept strongly above 1, registering a 1.089 ratio on OKX exchange. The strong belief came weeks after Canary Capital amended their first-ever PEPE ETF, tracking the Spot-market price of the cult-like meme currency.

Recent whale holdings and price outlook

The previous rally was partly sparked by the news of Justin Sun becoming the top PEPE Coin holder. Arkham data links $51.25 million of PEPE, about 2.82% of supply, to crypto wallets tied to Justin Sun, making him the largest individual holder as PEPE sparked up a 33.5% rally.

In spite of that, PEPE Coin now stands out as the biggest loser on Thursday, driving the price lower by more than 11% on the daily time-frame. The ability to stay above $0.00000444 is of key importance: with much of last month’s rally tracing back, PEPE relies on demand areas. These are usually captured by the crypto whales, big-time investors who tend to enter during a local price bottom. This time, the Chaikin Money Flow points to hefty selling going on, as the CMF index hovers between -0.17 to -0.30 on time-frames ranging from one-hour to one-day.

Source: dailycoin.com

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