The supply of PEPE on exchanges increased, while the off-exchange supply decreased.
However, SHIB registered a price increase of more than 4% in the past 24 hours.
The latest altcoin bull rally already seemed to be over as the daily charts of most cryptos were in the red at the time of writing. Pepe [PEPE] was also a victim of the latest price drop as falling value wiped out last week’s gains.
Realistic or not, here it is PEPE market cap in BTC‘s conditions
In fact, the latest data showed that investors have already started selling their assets to make a profit. Except PIE, Dogecoins [DOGE] value also registered a decrease. However, it was interesting to note that as it went to press Shiba Inus [SHIB] price skyrocketed.
PEPE bears are taking over
After a comfortable bull rally, the good days for investors came to an end as the bears took over. From CoinMarketCap, the price of PEPE is down more than 8% in the past 24 hours. At the time of writing, the memecoin was trading at $0.000001623 with a market cap of over $635 million.
To add to the disaster, Lookonchain’s tweet revealed that investors have already started selling their holdings. According to the tweet, whale 0xa54d deposited 3.94 trillion PEPE, worth $7 million, to Binance to make a profit of around $650,000.
— Lookonchain (@lookonchain) July 14, 2023
A similar sell-off trend was also noticed on Santiment’s chart. PEPE‘s supply on exchanges increased, while supply outside exchanges decreased, indicating high selling pressure.
In addition, memecoin inflows peaked as the price began to decline, which was a bearish signal. Interestingly, whale activity remained high throughout the episode. Despite the increased selling pressure, the total number of holders continued to increase.
The declining price trend may continue longer as the memecoin’s 1-day price volatility increased. After a peak, PEPEThe MVRV ratio also fell, further increasing the likelihood of a sustained downtrend in the coming days.
How many Worth 1,10,100 PEPEs today?
The meme battle is intense
Not only PEPE, but also DOGE, the largest memecoin by market cap, was feeling the heat. According to CoinMarketCap, the price of DOGE is down more than 2.5% in the past 24 hours. At the time of writing, it was trading at $0.06926.
However, SHIB opted to go the other way as its value has risen more than 4% in the past 24 hours. In addition, the memecoin was also the most traded token in the top 100 Ethereum [ETH] whales. At the time of writing, SHIB was valued at $0.000008326 and has a market cap of over $4.9 billion.
This post PEPE vs SHIB vs DOGE – who will win the meme battle?
was published first on https://ambcrypto.com/pepe-vs-shib-vs-doge-whos-winning-the-meme-battle/