- Two of the leading meme coins had very little to distinguish them from each other on price charts or metrics.
- For one of them, there was evidence of short-term momentum shifts and slow accumulation.
Pepe [PEPE] and Shiba Inu [SHIB] Both have been near the highs of their ranges for the past 10 days. Shiba Inu Team was in the news recently when they posted about a marketplace that is revolutionizing Web3 commerce. There is no clear timeline Freed.
With PEPE recently being rejected by key resistance, bulls have little room to rejoice. Which of the two meme coins has a more bullish outlook for July?
Scope and future work
PEPE/USDT. Source: TradingView
PEPE has been trading in the range of $0.0000099 to $0.0000076. At the time of writing, the intermediate level of $0.0000088 was acting as support. The previous support at $0.000009 to $0.0000096 has turned into resistance.
The RSI on the 6-hour chart is yet to cross the neutral 50 mark and the OBV is also trending down, so there is no buying pressure and further losses are expected.
SHIB/USDT chart. Source: TradingView
Shiba Inu also formed a range of $0.0000174 to $0.0000127 over the course of two weeks. Shiba Inu showed a more bullish outlook in the short term. The OBV was trending sideways instead of a downward trend like Pepe.
The RSI has also crossed above the neutral level of 50, indicating upward momentum. Based on technical analysis, the short-term outlook for Shiba Inu is more positive, with the price at the high end of the range and the indicators trending bullish.
Overvalued signals and a single conclusion collide
sauce: Santiment
PEPE’s network value-to-transaction ratio has risen sharply along with its circulation, indicating that it is relatively overvalued.
However, the 30-day MVRV is negative, indicating that it is undervalued. The solution is that the asset is overvalued compared to its market value, but short-term price fluctuations have made it undervalued to investors, making the token overall undervalued.
The number of daily active addresses is also on a downward trend, weakening organic demand, and the average coin age is also on a strong downward trend, as is the distribution.
Taken together, these on-chain metrics further reinforced PEPE’s weaknesses in the short term.
sauce: Santiment
While NVT was not as high as it was in late April, the 30-day MVRV was poking its head into positive territory.
read Pepe’s [PEPE] Price Prediction 2024-25
The average age of the coins has been gradually increasing over the past month, indicating accumulation is underway.
SHIB has more daily active addresses than PEPE (2,325 vs. 3,738, respectively, as of July 13), and Shiba Inu has the technical and on-chain fundamentals that inspire more bullish expectations.
