- Key on-chain metrics uncover the most profitable memecoin.
- PEPE fell out of the TOP 100 by global market capitalization.
- One Layer-2 related memecoin prevailed as a hidden gem.
Popular memecoins have often been the talk of the crypto town this year. While large market-cap canine coins like Shiba Inu (SHIB) and Dogecoin (DOGE) have been known to the general public for quite some time, 2023 has seen the rise of Pepe Token (PEPE), a memecoin based on a landmark internet meme that has been around for many years.
While things aren’t presently looking great for rival memecoins $SHIB and $DOGE, the two tokens managed to preserve their spot in the global crypto charts. At the same time, $PEPE dropped out of the TOP 100 early Tuesday morning, totaling its monthly losses to an eye-watering 52.5%.
PEPE Falling Behind Main On-Chain Rivals
PEPE scored a whopping 399.9% gains in three weeks since launch and reached a $2 billion global crypto market cap. The frog-embossed coin peaked from a $400 million market cap to a colossal $1.8 billion in just three days on May 6th, 2023.
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However, PEPE’s current global market capitalization stands at just $284,079,846, bringing the coin to the market cap range of May 1st, 2023, before it took off for the first time after being listed by the OKX exchange.
In comparison, Shiba Inu’s entrance into an over $1 billion market cap came in 279 days, while Dogecoin reached these levels in 2,585 days. As $PEPE is already drowning below the threshold, the difference in liquidity and trading volume hints at a lack of foundation compared to SHIB and DOGE.
Key On-Chain Stats Single Out One Memecoin
The blockchain analytics enterprise IntoTheBlock offers to look at six popular memecoins in terms of the “In The Money” key on-chain metric, which determines how many current cryptocurrency holders are making a profit at this price.
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According to data from the blockchain analysis platform, 19% of current PEPE holders profit from this price. In comparison, Shiba Inu’s Doge Killer (LEASH) has 16% & Dogelon Mars (ELON) has 13% of holders at a profit. The worst performers are SHIB and Floki (FLOKI), with both counting 9% of holders in profit.
Interestingly, the original memecoin DOGE is the top performer in this technical category, with 40% of current $DOGE holders being in profit in the current price range. Even so, the merciless crypto bears couldn’t leave $DOGE alone throughout the month, with an 18.5% deficit in the last 30 days.
The double-digit deficit for $DOGE hasn’t knocked the canine coin off its long-term support line at six cents, while $SHIB plunged by 31% in the same period. Key on-chain signals conclude that Dogecoin’s price correlation with Bitcoin (BTC) is 0.9, while $SHIB’s is 0.83 and $PEPE’s is 0.61. This trait to follow $BTC in the price charts has become beneficial for the OG memecoin, as it’s less susceptible to altcoin-related volatility.
Ultimately, the only memecurrency that comes close to DOGE by this metric is Shiba Inu’s gas fee token Bone ShibaSwap (BONE). With 36% of holders in the money, $BONE has the potential to grow since SHIB Token successfully relaunched Shibarium Layer-2. However, the absence of major listings has stagnated the wider adoption of this token.
On The Flipside
- The checkered cultural reputation behind the memecoin $PEPE has led to The Anti-Defamation League (ADL) naming the meme a hate symbol.
- Coinbase touched on the controversial nature of the token in an email newsletter, enraging the PEPE community enough to launch a coordinated campaign against Coinbase’s CEO, Brian Armstrong.
Why This Matters
Memecurrencies often lead altcoin rallies and garner substantial social engagement for crypto and blockchain technology.
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