Gokhshtein Media’s creator, David Gokhshtein, has drawn attention to a puzzling change in the meme currency economy. He mentioned that Pepe (PEPE), the newest meme currency phenomenon based on the famed Pepe the Frog meme, is now replacing Shiba Inu positions.
This is happening as trade volume for Pepe (PEPE) surges, nearly double that of Shiba Inu (SHIB). Compared to Shiba Inu’s $125,955,225 24-hour trading volume, Pepe’s is $357,108,704, according to CoinGecko statistics.
Nansen estimates that 3,350 wallets include both SHIB and PEPE. According to Nansen, “Wintermute 0x2800,” a special large holder, received 1.2 billion SHIB for the first time on February 23 and currently has a balance of 15.2 billion. The same whale also received 46.5 billion PEPE for the first time on April 20 and now has an 81.6 billion PEPE balance.
PEPE has no particular use case because its developers did not intend for it to be a meaningful service. It is important to note that SHIB continues to expand its applications, including in payments, and that it has made significant strides in the metaverse, gaming, and other areas.
It appears that traders’ switch to PEPE may have been motivated by unfavourable feelings, most likely FOMO (fear of missing out). In his tweet in response to a user who saw many meme coins flow to PEPE, Gokhshtein made this observation and said, “Too many emotional people.”
Long-term, I still favour SHIB, Gokhshtein continued.
The PEPE coin made its debut on April 18, 2023, with a cost of $0.000000064982. Since its launch, PEPE has increased thousands of percent, reaching its current price of $0.00000120. There is no assurance that the price of PEPE coin will go up, though.
PEPE’s official website asserts, on the one hand, that it shouldn’t be viewed as an investment opportunity and that it was only created as a meme coin with humour in mind.
