Is PEPE the Memecoin to Watch in 2023 Despite Shibarium Launch?

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Shibarium’s mainnet launch may have garnered significant attention, but the eyes of large investors were on the Shiba Inu [SHIB] token. The actions taken by this cohort suggest that they value Pepe [PEPE] much more than SHIB.

Leaving SHIB’s bones for PEPE’s flesh

According to Lookonchain, a whale who held both SHIB and sister-token BoneShibaSwap [BONE] sold all of them for PEPE. After which the whale deposited 143 billion SHIB into Binance, indicating a possible motive to sell.

Lookonchain also mentioned that the whale has been selling SHIB for three days. So, this sort of action suggests a possible “buy the rumor, sell the news” at the expense of SHIB, but in PEPE’s favor.

As per the price action, CoinMarketCap showed that BONE and SHIB have had an unencouraging start to Shibarium’s existence. Both tokens lost 20.08% and 9.20% respectively in the last 24 hours.

PEPE, on the other hand, registered a 5.34% decline. But what was happening with the frog-themed token on-chain?

PEPE’s circulation and active addresses decrease.

According to Santiment, PEPE’s social volume in the last 30 days has been up and down. This means that, on some days, the arbitrary search for the token was high. On other days, it wasn’t much of a big deal.

But in between that seesaw movement, the number of holders increased. As of 17th July 2023, the total number of PEPE holders was 132,000.

However, at press time, it was 137,000, implying that around 5,000 participants have bought into the PEPE narrative. If the hike continues, then the demand for the token may impact the price positively.

Total number of PEPE holders and its social volume

Source: Santiment

Fewer interactions for PEPE

Regarding active addresses, on-chain data showed that the metric decreased in the last 30 days. At the time of the writing, the 30-day active addresses were down to 40,1000— a notable decline from 58,000 on 21 July.

Active addresses indicate the daily level of speculation around a token. When the metric increases, it suggests that the asset has a good level of crowd interaction.

And when it decreases, it implies a fall in the number of unique addresses participating in transactions. So, PEPE’s active addresses reveal how market participants have mildly overlooked getting involved in sending and receiving the token.

Consequently, the drop in active addresses affected the circulation which also decreased to 80.25 trillion.

PEPE circulation and active addresses

Source: Santiment

Meanwhile, PEPE and SHIB’s market cap were still a universe apart. As of this writing, PEPE’s market cap was $464.54 million while SHIB was $5.24 billion.

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