Memecoin season was raging recently. However, it seems to slowly come to an end. The biggest new kid on the meme block was most likely PEPE. So, can PEPE beat a longer-standing meme coin, like Shiba Inu? To answer this, we need to look at some facts.
So, the best way is to dive into this Pepe vs Shiba Inu debate.
Source: Twitter
Holders and Market Cap
PEPE stormed the meme-coin sector in April 2023. However, SHIB has been around since 2020. Since April, PEPE has accumulated quite a few holders, no less than 117,667 as of today. See Etherscan. But Shiba Inu has 1,275,554 holders.
In market cap, SHIB also takes the lead. There’s a market cap of $3.8 billion for SHIB. PEPE has a market cap of $365.5 million. So, what happens if we look at how many coins an average holder holds? For this, we take the market cap and divide it by the number of holders.
- PEPE = $3.1K
- SHIB = $2.98K
This has leveled out. In other words, if the market dumps, you can expect both coins to experience a similar dump in price.
Looking at holders, the top 5 wallets for SHIB see 41% in a burner wallet. There are two CEX wallets (both Binance), with around 8% holdings. On the other hand, PEPE’s top 5 wallet sees 4 of them belonging to CEXes.
We can also take a look at the current trading volume. For SHIB that’s $137 million and for PEPE, it’s $99.9 million. Here, SHIB has gained the upper hand again. However, during May 2023, PEPE was well in the lead with daily trading volume.
What helped in the quick rise of PEPE, was the listing on major CEXes. This meme-coin gained almost instant popularity. As a result, all major CEXes were tumbling over each other to list PEPE. This made it easy for buyers to find this coin. The picture below shows the SHIB token information on Etherscan.
Source: Etherscan
Other Factors to Consider
It’s possible to look at this comparison from different angles. One way is to see who can reach $0.01 first. For SHIB, this means that it has to do around 100,000%. If PEPE wants to reach the $0.01 mark, it will need to do a one million % rally. Given the current market conditions, not a likely option for either coin.
Going back to the market cap, SHIB keeps hovering around the 20th spot. Currently, it occupies rank 19. PEPE, on the other hand, slumped to rank 98. PEPE is also down 46.9% in price over the last 30 days. During the same time frame, SHIB lost 26.5%.
But now let’s take a look at use cases. Since PEPE is fresh out of the cradle, it doesn’t have any real use case(s) to speak of. However, it had a massive success. So, it’s quite possible that there’s a ‘get-rich-quick’ crowd around this token. However, if we look at SHIB, this has quite a few use cases:
- You can use it as a payment option.
- Shibarium, their layer 2 solution, is about to launch.
- The team is working on a metaverse.
- A cold storage solution may be in the making.
So, from a use case perspective, Shiba Inu wins hands down.
Conclusion
Shiba Inu currently has the advantage over PEPE. If we look at all the mentioned features and comparisons, SHIB does better in most. A few features had PEPE in the lead during May. However, the tide seems to have turned. For example, SHIB is ahead again in trading volume. The market cap is also in favor of SHIB. If we look at use cases. Shiba Inu rules and shines. It has some great projects it’s working on.
SHIB also has more history and a more stable community. PEPE still has a lot to proof. However, in crypto, you never know. But, for now, Shiba Inu is by far taking the lead over Pepe.
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