As the fourth Bitcoin halving approaches on February 20, 2024, the debate over which Ethereum-based meme coin— Shiba Inu or Pepe Coin to invest in intensifies within the crypto community. While both tokens share a dedicated community and originate from meme culture, their market performance and technical indicators set them apart as potential investment options before the halving.
Shiba Inu vs PEPE: Market Performance Analysis
Shiba Inu and Pepe stand as prominent digital currencies in the crypto sphere, each garnering considerable attention. Despite their memecoin origins, they display variations in their market performance and metrics.
According to CoinMarketCap data, SHIB boasts a market cap of $13.23 billion, securing its position as the 12th largest cryptocurrency by market cap. In contrast, PEPE holds a market capitalization of $2.23 billion, placing it at the 47th position among the top 50 cryptocurrencies. This discrepancy highlights Shiba Inu’s greater market presence compared to PEPE.
PEPE witnessed a 4.21% daily price increase and a 24.87% weekly surge, yet it experienced a notable 31.33% decline over the past month. Conversely, Shiba Inu saw a modest daily gain of 2.87% and a monthly decline of 10%. SHIB also faced an 18.86% weekly decrease. These figures suggest that while PEPE has encountered significant short-term fluctuations, its long-term performance appears more erratic.
In terms of volume, both tokens exhibit active trading. PEPE recorded a 24-hour trading volume of $722.3 million, whereas Shiba Inu’s volume surpassed it at $846.18 million. PEPE boasts a volume-to-market cap ratio of 32.53%, indicating robust trading activity relative to its market cap. In contrast, SHIB’s ratio stands at 6.43%, signaling decreased trading activity proportionate to its market cap.
PEPE reached its all-time high of $0.00001074 slightly over a month ago, on March 14, 2024, before declining by 50.68% to its current price of $0.000005293. Similarly, Shiba Inu peaked at $0.00008845 in October 2021, witnessing a decline of approximately 74.67% to its current price of $0.00002246.
Shiba Inu vs PEPE: Price Forecast Evaluation
Analyzing the technical aspects of Shiba Inu and Pepe Coin reveals distinct trends and patterns concerning moving averages, oscillators, MACD, RSI, and Fibonacci support and resistance levels.
In terms of moving averages, both coins display decreasing patterns in their short-term signals. PEPE’s 10-day exponential moving average (EMA) stands at 0.000005928279, while Shiba Inu’s sits at 0.00002415. Both coins exhibit bearish signals as their current prices fall below the short-term averages. Moreover, the 100-day and 200-day EMAs and SMAs suggest a potential trend change, with Pepe Coin showing a more robust buy signal compared to Shiba Inu.
Oscillator analysis indicates a neutral outlook for both cryptocurrencies, with PEPE’s Relative Strength Index (RSI) at 40.21 and Shiba Inu’s at 39.99, indicating absence of overbought or oversold conditions.
MACD analysis portrays a ‘sell’ signal for both Ethereum meme coins, with SHIB’s MACD level at -0.00000126 and PEPE’s at -0.000000471995, suggesting a potential downward trend for both.
Concerning Fibonacci levels, PEPE Coin is poised to find strong support at 0.000007435425, while Shiba Inu’s support level lies at 0.00002964 should its price decline. While both cryptocurrencies exhibit various support and resistance levels, PEPE Coin appears closer to its support levels, indicating potential price volatility, whereas Shiba Inu seems to have more distant support levels, hinting at greater stability in its price movements.
Which Ethereum Meme Coin Should you Buy?
Deciding between Shiba Inu and Pepe Coin entails considering distinct investment opportunities, each catering to different risk tolerances. Pepe Coin’s promise of future growth may attract those seeking higher returns, albeit with heightened risk. On the other hand, Shiba Inu’s established market presence and stability might appeal to investors prioritizing safety and consistency. Ultimately, the choice between Pepe Coin and Shiba Inu hinges on individual investment goals and the readiness to embrace risks as the halving event approaches.
