While most of the crypto market seems to have stalled, meme coins such as Pepe Coin (PEPE) and Shiba Inu (SHIB) have continued to put on an impressive performance. These cryptocurrencies have seen gains where others have struggled, rising rapidly over the past week. This suggests that the meme coin bulls are still in control at a time when bears are gaining ground.
PEPE And SHIB Record Double-Digit Gains
The past week has been favorable for meme coins, especially PEPE and SHIB, both of which have recorded double-digit gains during this time. For PEPE, the gains climbed over 23% given renewed interest in the meme coin. While SHIB rose 16% in the same time period.
SHIB’s growth seems to be driven by anticipation around the upcoming Shibarium launch – a Layer 2 blockchain that would make transactions cheaper and faster. However, PEPE’s rise seems to be less defined with no obvious development that looks to be pushing the price.
Rather, it seems PEPE is enjoying the rewards of investors believing the meme coin is underpriced, leading to a significant jump in price. This is evidenced by the rapid rise in the trading volume of the meme coin over this time, signaling increased activity in the coin. Its holder base also crossed 138,000 which is a new all-time high for the meme coin. All of these metrics lend credence to the fact that the rally is being pushed by increased activity.
Meme Coins Holding The Gains
Despite already growing so much in the last week, the meme coins do not look to be stopping anytime soon. They have also carried the gains into the new week, starting off on a good note. For SHIB, the meme coin is up only 0.34%, which is not significant by any metric, but shows the cryptocurrencies are holding its last week’s gains. PEPE, on the other hand, is performing much better as its price is already up over 5% out of the gate.
When comparing the metrics of both these digital assets though, PEPE shows more tendency to continue rallying compared to SHIB. This is because while SHIB’s daily trading volume is down 10% to open up the new trading week, PEPE’s daily trading volume rose 80%.
SHIB’s decline could be attributed to the anticipation around Shibarium waning, especially since the project’s developers have continued to delay the launch. But PEPE continues to ride the wave of expected gains and social media hype without hindrance.