Bitcoin (BTC) reached an all-time high on March 5th. The rise in the crypto markets was then replaced by a downward momentum. So, what is the current situation with PEPE, DOGE, and SHIB?
PEPE’s Noteworthy Performance
Dogecoin and Shiba Inu experienced respective declines of 6.14% and 8.23% in the last 24 hours. However, PEPE only saw a 0.14% decrease, demonstrating significant strength. This has triggered speculation about PEPE’s future performance compared to the dog-themed meme tokens. Experts believe that if PEPE repeats its recent performance, the token could outperform DOGE and SHIB in this cycle.
Over the last 30 days, Dogecoin’s price has increased by 116.15%. Shiba Inu has risen by 321%, while PEPE’s price has surged by an impressive 759% over the same period, outperforming both. According to on-chain data from Santiment, the weighted sentiment for Dogecoin and Shiba Inu has declined. This decline indicates that the broader market has not yet turned bullish on meme token prices.
Santiment Reports
The situation was different for PEPE. At the time of writing, PEPE’s weighted sentiment was on the rise, suggesting that traders are more confident in its price movement compared to the other two. Another important metric for the crypto asset is the number of holders. According to Santiment’s data, the number of Shiba Inu holders decreased from 1.38 million to 1.37 million. This drop could indicate that some holders are liquidating their assets due to recent gains.
For Dogecoin, the number was 6.55 million, showing an increase from March 2nd. This trend could suggest that market participants are optimistic about DOGE’s future performance, leading many to decide against cashing out. However, while PEPE’s holder count was lower, its growth rate in this metric was faster than both DOGE and SHIB.
