Here’s What PEPE And SHIB Have In Common, But Can It Catch Up To Shiba Inu?
01 Mayo 2023 - 4:05AM
NEWSBTC
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. Related Reading: Can Meme Coin PEPE Get Into
The Top 100? Read This Before Buying 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. Related Reading: Pepe Coin’s Mega Rise Pinned To This
Smart Contract Fix 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
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