As the crypto community prepares for the fourth Bitcoin halving on February 20, 2024, the question of which Ethereum-based meme coin—Pepe Coin or Shiba Inu—to invest in becomes a significant topic of discussion. Both tokens share some common traits such and dedicated community and meme-inspired origins, yet their market performance and technical indicators set them apart in terms of their potential as an investment before the halving. In this article we share insights to empower you in making investment decisions, between PEPE and Shiba Inu.
PEPE vs Shiba Inu: Price Market Performance
Pepe and Shiba Inu are two popular digital currencies that have attracted a lot of interest in the cryptocurrency market. Despite their similarities as memecoins, they exhibit differences in their price market performance and metrics.
According to CoinMarketCap data, SHIB boasts of a market cap of $13.23 billion, earning its position as the 12th largest cryptocurrency by market cap. In contracts, PEPE has a market capitalization of $2.23 billion, securing the 47th position, among the top 50 cryptocurrencies. This shows that Shiba Inu has a significantly greater market presence than PEPE.
PEPE saw a 4.21% rise in price daily and a 24.87% increase weekly, yet encountered a significant 31.33% decline in the past month. On the other hand, Shiba Inu experienced a less significant daily gain of 2.87% and a monthly decline of 10%. SHIB’s weekly decrease was also 18.86%. This implies that although PEPE has faced substantial short-term fluctuations, its long-term results have been more inconsistent.
When it comes to daily and weekly performance, Pepe coin experienced an increase of 4.21% in its value over the last week, and a 31.33% drop in the past month. On the other hand, Shiba Inu tokens recorded a slight gain of 2.87%, although it experienced losses of 18.86% and 10% over the past week and month respectively. This implies that although PEPE has faced substantial short-term fluctuations, its long-term results have been more inconsistent.
In terms of volume, both tokens have been actively traded in the market. PEPE had a trading volume of $722.3 million over a 24-hour period, whereas Shiba Inu’s volume was higher at $846.18 million. PEPE has a volume-to-market cap ratio of 32.53%, showing a greater level of trading compared to its market cap. SHIB’s ratio sits at 6.43%, indicating decreased trading activity in relation to its market cap.
PEPE achieved its all-time high of $0.00001074 just slightly over a month ago, on March 14, 2024, but has since dropped in value by 50.68% to its current price of $0.000005293. On the other hand, Shiba Inu price reached its all-time high of $0.00008845 two years ago, in October 2021, and likewise, it has witnessed a dropped of approximately 74.67% to record $0.00002246.
PEPE vs Shiba Inu: Price Forecast
In comparing the technical analysis of Pepe Coin and Shiba Inu, we observe distinct trends and patterns in terms of moving averages, oscillators, MACD, RSI, and Fibonacci support and resistance levels.
Beginning with the moving averages, both Pepe Coin and Shiba Inu are showing decreasing patterns in their short-term signals. The 10-day exponential moving average (EMA) for Pepe Coin is 0.000005928279, while the simple moving average (SMA) is 0.000006150416. Shiba Inu has a 10-day EMA of 0.00002415 and an SMA of 0.00002476. Both sets of data indicate a bearish signal since the current prices fall below the short-term averages. In addition, the 100-day and 200-day EMAs and SMAs suggest a possible change in trend, with Pepe Coin displaying a more robust buy signal than Shiba Inu.
Regarding oscillators, both cryptocurrencies present a neutral outlook. The Relative Strength Index (RSI) of PEPE stands at 40.21, while Shiba Inu’s RSI rests at 39.99. This shows that both coins are not experiencing any overbought or oversold conditions.
Looking at MACD analysis, both the Ethereum meme coins indicate ‘sell’. SHIB exhibits a MACD level of -0.00000126, while PEPE’s MACD level is at -0.000000471995. This indicates a potential downward trend coming soon for both coins.
With regards to Fibonacci levels, should the price of Pepe Coin drop, it will find a strong support level at 0.000007435425, and Shiba Inu will find its support level 0.00002964 should its price drop. Both cryptocurrencies have various levels of support and resistance, but Pepe Coin is closer to its support levels, indicating potential price volatility. Shiba Inu, on the other hand, seems to have more distant support levels, which could imply greater stability in its price movements.
Which Ethereum Meme Coin Should you Buy?
Pepe Coin and Shiba Inu both provide distinct investment opportunities, but they appeal to varying levels of risk tolerance. Pepe Coin’s potential for future expansion makes it an appealing option for individuals looking for greater returns despite the increased risk involved. The market presence and stability of the Shiba Inu coin could attract investors looking for a safer and more consistent choice. In the end, choosing between Pepe Coin and Shiba Inu will be determined by personal investment objectives and willingness to take risks as the halving event nears.
The post Pepe vs Shiba Inu: Which Ethereum Memecoin To Buy Before Halving? appeared first on CoinGape.
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