Preparing for Bitcoin‘s fourth halving on February 20, 2024, crypto enthusiasts ponder over which Ethereum-based meme coin, Pepe Coin or Shiba Inu, to invest in. Both tokens boast a passionate community and meme-inspired origins. However, their market behavior and technical signals distinguish them as potential investments prior to the halving. In this article, we provide valuable information to aid you in making an informed decision between PEPE and Shiba Inu.
PEPE vs Shiba Inu: Price Market Performance
Pepe and Shiba Inu are two well-known digital currencies in the cryptocurrency world, generating significant buzz. While sharing some resemblances as meme-based coins, they display distinct variations when it comes to their pricing trends and key statistics.
Based on information from CoinMarketCap, SHIB holds a market value of $13.23 billion and ranks as the 12th largest cryptocurrency in terms of market capitalization. On the other hand, PEPE has a market cap of $2.23 billion, making it the 47th largest among the top 50 cryptocurrencies. This indicates that SHiba Inu has a more prominent market position than PEPE.
PEPE’s price increased by 4.21% every day and went up by 24.87% each week. However, it took a steep fall of 31.33% in the past month. In contrast, Shiba Inu saw a smaller daily rise of 2.87%, but its price dropped by 10% over the last month. Its weekly decrease was 18.86%. This suggests that PEPE has experienced significant ups and downs in the short term, while Shiba Inu’s price trend has been more consistently downward in the long term.
Over the last week, Pepe coin’s value went up by 4.21%, but it had a significant decrease of 31.33% in the previous month. In contrast, Shiba Inu tokens saw a modest 2.87% rise recently, but they suffered losses of 18.86% and 10% during the past week and month respectively. This suggests that Pepe’s short-term price movements have been erratic, while its long-term performance has shown more instability.
In simple terms, both PEPE and Shiba Inu were heavily traded in the cryptocurrency market. PEPE was traded for a total volume of $722.3 million during the last 24 hours, while Shiba Inu had a trading volume of $846.18 million. PEPE’s trading activity represented a significant 32.53% of its total market cap, indicating high levels of buying and selling. On the other hand, Shiba Inu saw only 6.43% of its market cap being traded, suggesting less transactional activity.
PEPE hit its record high of $0.00001074 about a month and a half ago, on March 14, 2024. However, since then, its value has decreased by around 50.7% to the current price of $0.000005293. In comparison, Shiba Inu reached an all-time high of $0.00008845 two years ago in October 2021. Since then, its value has fallen by approximately 74.67%, bringing the current price down to $0.00002246.
PEPE vs Shiba Inu: Price Forecast
When examining the technical analysis of Pepe Coin and Shiba Inu side by side, we notice clear differences in their moving average lines, oscillator readings, MACD histograms, RSI values, and Fibonacci levels of support and resistance.
When it comes to moving averages, there are bearish signs for both Pepe Coin and Shiba Inu in their short-term price trends. The 10-day EMA for Pepe Coin is at 0.000005928279, while its SMA stands at 0.000006150416. Shiba Inu’s corresponding figures are 0.00002415 for the 10-day EMA and 0.00002476 for the SMA. Since the current prices for both coins are under their short-term averages, this indicates a bearish signal. Moreover, longer-term moving averages (100-day and 200-day) may indicate a potential shift in trend. Pepe Coin’s data suggests a stronger buy signal compared to Shiba Inu.
When it comes to oscillators and the two cryptocurrencies in question, neither PEPE nor Shiba Inu present a particularly bullish or bearish perspective at the moment. Specifically, their Relative Strength Index (RSI) values are quite similar: PEPE’s RSI is 40.21, while that of Shiba Inu is 39.99. This indicates that neither coin is currently in an overbought or oversold state.
Based on MACD analysis, the indicators for Ethereum meme coins SHIB and PEPE suggest selling. The MACD levels are recorded as -0.00000126 for SHIB and -0.000000471995 for PEPE. This implies that a possible price decrease may occur in the near future for both coins.
If we consider the Fibonacci support levels, a drop in Pepe Coin’s price may find a robust backing at 0.000007435425. For Shiba Inu, a decrease in its price could result in a stable floor at 0.00002964. Both cryptocurrencies experience fluctuations in their support and resistance levels. However, Pepe Coin is relatively nearer to its support levels, suggesting the possibility of heightened price instability. Conversely, Shiba Inu’s more distanced support levels may indicate a more stable trend in price fluctuations.
Which Ethereum Meme Coin Should you Buy?
Pepe Coin and Shiba Inu offer unique investment prospects, catering to different risk appetites. Pepe Coin’s potential for growth makes it an allure for investors seeking higher returns, albeit with more risk. On the other hand, Shiba Inu’s established market presence and stability may draw in those preferring a less risky and more consistent investment option. The decision between Pepe Coin and Shiba Inu ultimately depends on your personal investment goals and risk tolerance as the halving event approaches.
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2024-04-17 13:36