PEPE vs Shiba Inu: Which memecoin dominates July’s market?

Price Comparison of Memecoins: Pepe and Shiba Inu

Two prominent memecoins, Pepe (PEPE) and Shiba Inu (SHIB), have exhibited similar price charts and metrics. However, there are subtle differences that indicate a shift in short-term momentum and accumulation patterns.

Price Analysis

Both PEPE and SHIB have remained within narrow ranges for approximately ten days. PEPE's range extends from $0.0000099 to $0.0000076, currently supported by the mid-range level ($0.0000088). Resistance lies at the former support level ($0.000009-$0.0000096). PEPE's recent rejection from a key resistance indicates bearish sentiment.

SHIB, on the other hand, has a more bullish short-term outlook. Its range spans $0.0000174 to $0.0000127, with a trading range high. Indicators such as the On Balance Volume (OBV) show a sideways trend, indicating a balance between buying and selling pressure. Additionally, the Relative Strength Index (RSI) is above neutral 50, indicating upward momentum.

On-Chain Metrics

Despite PEPE's overvalued Network Value to Transactions Ratio (NVT), its negative 30-day Market Value to Realized Value (MVRV) suggests undervalued. This signals that PEPE is overvalued compared to circulating value but undervalued in terms of short-term price action. On-chain metrics, such as declining daily active addresses and mean coin age, indicate a weakening distribution trend.

SHIB's NVT remains lower than its peak in April, while its 30-day MVRV is approaching positive territory. Mean coin age has gradually increased, suggesting accumulation. Daily active addresses are higher for SHIB than for PEPE, providing a firmer basis for bullish expectations.