The cryptocurrency industry is home to thousands of assets, including various categories. While some stick to the OG, Bitcoin (BTC), others have been looking into meme coins, AI-related assets, DeFi coins, etc.
The total market cap of the meme coin industry is over $37 billion. Dogecoin (DOGE) and Shiba Inu (SHIB) have dominated the space with their market cap and popularity. Meanwhile, another asset Pepe (PEPE) sprung up causing chaos in the market.
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Amidst so many options, the community remains confused about their investments. So, which is the best bet? Santiment decided to examine Pepe, Dogecoin, and Shiba Inu to determine how people will feel about each asset going forward.
The on-chain analytics platform examined the crowd sentiment, whale/retail accumulation, and MVRV for every asset.
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1. Dogecoin (DOGE)
At press time, Dogecoin was trading at $0.1002, following a 3% drop over the past 24 hours. This dip comes after yesterday’s prominent rally, which saw DOGE go from $0.1034 to $0.0994. Throughout 2024, retail traders have been hesitant about Dogecoin.
Wallets holding less than one million DOGE comprise 11.8% of the meme coin supply. However, this chart does not show any alarming FOMO indicators that would suggest tiny traders are building up their holdings.
In addition, the current DOGE sentiment is break-even. The fact that FOMO has rapidly subsided is encouraging. If the market sees impatience and FUD next, it would be a positive indication of a turnabout.
2. Shiba Inu (SHIB)
It looks like most market assets saw a dip throughout the past 24 hours. Shiba Inu was trading at $0.00001324 after falling by 1.48%. The community-driven project has several fans across the market and is famous for its following.
However, there has been a significant drop in social debate about SHIB since late July. Santiment noted that this trend continued throughout the year. The platform added,
“This reflects a sense of indifference and frustration from traders, which makes sense when understanding how much smaller retail traders have been dropping out of the asset like flies. Sentiment, similarly, is showing a slight negative bias.”
3. Pepe (PEPE)
Pepe stands out for many reasons. The meme coin is relatively new, unlike other canine-themed cryptocurrencies like Shiba Inu. The asset has witnessed increased retail accumulation.
This could be due to the meme coin’s more recent introduction into the cryptocurrency market, its traders and hodlers haven’t experienced as many price declines as we have since its peak in late July. PEPE was trading at $0.00000719 at press time with a 3% drop.
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Since the meme coin peaked, the discussion rate has drastically decreased. There will be more price speculation, but investors have remained mum for now.