Time: 2024-07-15
Two of the leading memecoins , Pepe and Shiba Inu , are currently experiencing different trends in the cryptocurrency market . While both are near the highs of their respective ranges , there are clear indications of a shift in short - term momentum and accumulation for one of them.
PEPE has been trading within a range of sh.0000099 to sh.0000076 , with the mid - range level at sh.0000088 acting as support . However , a recent rejection from a key resistance level has dampened the bullish outlook for PEPE in the short term . On the other hand , Shiba Inu has formed a range between sh.0000174 and sh.0000127 , with more positive indicators such as the RSI being above neutral 50 and the OBV moving sideways . This suggests a more bullish short - term outlook for Shiba Inu compared to PEPE.
While the Network Value to Transactions Ratio for PEPE indicates that it is relatively overvalued , the 30 - day MVRV shows that it is undervalued . This discrepancy suggests that while the asset may be overvalued in terms of circulation , its short - term price action makes it undervalued for investors overall . However , organic demand for PEPE is weakening , with daily active addresses and mean coin age in a downtrend , further reinforcing its weakness in the short term.
Looking ahead , Shiba Inu seems to have a firmer technical and on - chain basis for bullish expectations compared to PEPE . With higher daily active addresses and a more positive short - term outlook indicated by technical analysis , Shiba Inu may continue to outperform PEPE in the coming days . Investors will be closely monitoring these memecoins to see how they perform in the volatile cryptocurrency market.
Overall , while both Pepe and Shiba Inu are popular memecoins with a loyal following , their current price trends and on - chain metrics suggest that Shiba Inu may have a more favorable short - term outlook compared to PEPE . It will be interesting to see how these memecoins evolve in the ever - changing cryptocurrency landscape.
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