Meme Coins: Shiba Inu vs. PEPE – A Battle for Supremacy
In recent years, the cryptocurrency landscape has witnessed a surge in the popularity of meme coins, with newcomers like PEPE and TRUMP making significant waves. These digital assets have rapidly ascended the ranks, challenging established coins in this burgeoning sector. While Dogecoin continues to reign as the leading meme coin, Shiba Inu has found it challenging to retain its position in the face of rising competition. Notably, PEPE has recently surpassed Shiba Inu in a critical performance metric.
Shiba Inu’s Decline in Social Engagement
Recently, LUCIE, the marketing lead for Shiba Inu, shared an intriguing update on the social engagement metrics of top meme coins. The data revealed a surprising shift in the hierarchy. Shiba Inu has now significantly lagged behind PEPE in social engagement, a factor often pivotal for meme coin success, given their reliance on community-driven hype.
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According to the latest figures, Dogecoin maintains its dominance with a staggering 3.6 million interactions across 37,800 engaged posts. Trailing Dogecoin, the relatively new PEPE meme coin has garnered an impressive 1.5 million interactions over 22,800 posts. Meanwhile, Shiba Inu finds itself in third place, with less than 1 million interactions, specifically 791,600 across 15,600 posts. This indicates a notable dip in its popularity among meme coin enthusiasts.
Other notable mentions include the TRUMP meme coin in fourth place. Surprisingly, PUMP from the Pump Fun team has overtaken BONK, pushing it out of the top 5 in terms of social engagement. Additionally, PENGU, FARTCOIN, GOAT, and GIGA have also made their presence felt, appearing sequentially on the list.
The Potential for a Market Shift
Despite Shiba Inu’s market capitalization remaining above $7 billion, comfortably ahead of PEPE’s $4 billion, PEPE seems to be excelling in other aspects. Beyond social engagement, PEPE has also outperformed Shiba Inu regarding trading volume. According to CoinGecko, PEPE recorded a 24-hour trading volume exceeding $295 million, whereas Shiba Inu’s trading volume stood at just over $120 million for the same period.
However, Shiba Inu continues to lead in terms of total holder count. Data from Etherscan indicates that the number of SHIB holders has surpassed 1.5 million, while PEPE’s holder count is slightly above 482,000 at the time of writing.
Conclusion
As the meme coin landscape evolves, the competition between Shiba Inu and PEPE exemplifies the dynamic nature of this market. While social engagement and trading volume are crucial indicators of a coin’s popularity and potential growth, the total holder count remains a strong foundation for Shiba Inu. As the market continues to shift, it will be fascinating to observe how these factors influence the future of meme coins.
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