Pepe Severely Undervalued Versus Shiba Inu, Suggesting Price Growth

Pepe’s (PEPE) market capitalization is over half of its memecoin rival Shiba Inu’s (SHIB), valued at $11 billion as of July 3. Nonetheless, the latest volume data shows that the frog-themed memecoin is severely undervalued compared to SHIB, sparking expectations of substantial price growth relative to the second-largest memecoin by market cap.

PEPE Trading Volumes Are Over $100 Million Ahead of Shiba Inu’s

As of July 3, PEPE’s daily average volume so far in 2024 was $727 million, totaling $135 billion. In comparison, SHIB markets did $647 million worth of daily average volumes in the same period, netting about $120 billion.

At the same time, the total number of holders in the PEPE and SHIB markets has grown, but with different momentum.

For PEPE, the holder count sits at 254,000 compared to 155,170 at the beginning of the year—a circa 58% growth in adoption. Meanwhile, in the SHIB market, the holder count has grown by a dwarfed 2.2% to reach $1.39 million on July 2.

Meanwhile, Pepe has vastly outperformed Shiba Inu regarding price performance in 2024.

Notably, PEPE has risen by around 675% year-to-date versus SHIB’s 58.75% returns in the same period. At the same time, PEPE’s market capitalization is around $4.57 billion compared to SHIB’s $11 billion valuation.

The data indicates a potential shift in the memecoin market dynamics, with PEPE gaining traction and possibly challenging SHIB’s dominance in volumes, holder count, and market capitalization. If this trend continues, PEPE could see its market cap increase and potentially close the gap with SHIB.

PEPE Price Prediction: Memecoin is Eyeing 20%-Plus Gains

From a technical perspective, PEPE’s price is treading around a support confluence comprising an ascending trendline and a 1.0 Fibonacci retracement level. Meanwhile, its daily relative strength index (RSI) is around 37, a level that has preceded strong price rebounds multiple times in recent history.

The indicators above increase PEPE’s potential to bounce toward its next resistance target at around $0.00001309, up around 23% from the current price levels, in July. Interestingly, this level was instrumental in capping PEPE’s upside attempts twice in June.

Conversely, a strong breakdown move below the support confluence risks crashing the price toward the 0.786 Fib level at around $0.00000894.