Here’s What PEPE And SHIB Have In Common, But Can It Catch Up To Shiba Inu?

Jake Simmons

1 year ago

3 mins read

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The meme coin PEPE is currently experiencing a spectacular rise that hardly any other altcoin, apart from Shiba Inu, has experienced. Within just two weeks, the meme coin, which is based on a cartoon character created by Matt Furie back in 2005, has (almost) broken into the top 100 cryptocurrencies by market cap. At press time, PEPE was ranked #101.

And as on-chain analytics platform Nansen shared in a recent analysis, the two meme coins share other similarities: namely, numerous holders. According to Nansen, PEPE has more than 54,000 holders after just two weeks. While this sounds impressive, it is still small compared to the 1.3 million Shiba Inu holders.

Every 16th PEPE Holder Also Owns SHIB

It is worth noting, however, that one in 16 PEPE holders also owns Shiba Inu (SHIB). As Nansen analyzed, there are over 3,350 wallets holding both meme coins. So before PEPE can even come close to competing with SHIB, the holder base will have to expand substantially.

54,000+ $PEPE holders in just 2 weeks? 🤯

Impressive, but let's not forget the 1.3 million $SHIB holders out there!

And did you know that over 3,350 wallets hold both memecoins?

Let's dive into the top holders of these two 👇 pic.twitter.com/VmJPdJZQEY

— Nansen 🧭 (@nansen_ai) April 30, 2023

An analysis of the largest holders shows that the two exchanges MEXC and Gate hold large amounts of both memecoins. “But did you know Wintermute also has 2 contract addresses trading both tokens?” notes Nansen.

Wintermute is a leading global crypto market maker that works with the world’s top crypto exchanges and projects to provide liquidity. Wintermute has an estimated on-chain valuation of $230 million, with Arbitrum ($54 million), Optimism ($47 million) and DYDX ($32 million) being the largest holdings.

Nansen also writes, “Keep in mind that this wallet holds over $37.8 million in tokens, the majority of which are WETH, WBTC and stablecoins, so $SHIB and $PEPE only make up a tiny percentage of their portfolio.” However, Wintermute actively trades both meme coins.

Wintermute’s address first received 1.2 billion SHIB on Feb. 23 with a current balance of 15.2 billion. Remarkably, the account was actively trading on the chain with a realized PnL (DEX trades) between -$46,300 and $53,700. It also frequently sends SHIB to its exchange deposit addresses.

But not only SHIB, PEPE is also actively traded by the Wintermute address. It first received 46.5 billion PEPE on April 20 and currently has a balance of 81.6 billion. The address has a realized PnL (DEX trades) between -$87,000 (on 4/21) and $170,000 (today). Its last transaction was the exchange of 5,200,712,114 PEPE for 1.67 WETH.

Remarkably, PEPE’s 24-hour trading volume already outperformed SHIB by a factor of two, according to data by CoinGecko. Within the last day, PEPE reached $257.8 million, compared to $131.6 million for Shiba Inu.

PEPE About To Break Into The Top 100

PEPE has risen over 93% in the last 24 hours, reaching an all-time high of $0.000001158. The market cap has risen to over $435.9 million, bringing the meme coin to 101st place on Coingecko.

However, as NewsBTC Can Meme Coin PEPE Get Into The Top 100? Read This Before Buying, there are some red flags. As quickly as PEPE’s price has risen, it could fall again. More than 20 wallets spent an amount of about 0.02 ETH on Fixed Float and Changenow to buy the new meme coin shortly after PEPE started trading.

Now these PEPE are worth several million dollars. It has not yet been conclusively determined whether these are insiders. However, analysts warn that potential buyers should keep an eye on these addresses to avoid a rug pull, especially because the creators are unknown.

At press time, the PEPE price stood at $0.00000109139.

Featured image from Telegaon, chart from TradingView.com

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

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