Meme-Coin Comparison From On-chain Analysis Platform
The current report shared by the on-chain analysis platform Santiment compared the market impact of PEPE, DOGE and SHIB. According to the details of the research, DOGE and SHIB, which raged in the bull season, hosted an average of 25 times more transaction volume compared to PEPE. On the other hand, the volume shortage of PEPE, which has shined in recent weeks, has shown that retail investors are not making a net presence in the cryptocurrency market.
Backed by a billionaire like Elon Musk, DOGE reached $70 billion in transaction volume at its peak. SHIB, on the other hand, managed to capture a transaction volume of $ 40 billion at its peak. Accordingly, despite all the rise and interest, PEPE could not exceed the transaction volume of 2 billion dollars.
Pointing out that these data did not attract as much attention as PEPE as other meme coins, analysts drew attention to the weakness in volumes. On the other hand, it was emphasized that PEPE is mostly traded by large whales, while others reach a large mass individually.
Nevertheless, in such an environment, the success of PEPE was engraved in the memory of the community with its undeniable spikes. Santiment analysts made the following statements, emphasizing the absence of retail investors:
While PEPE’s trading volume is significantly low, it leaves room for growth and untapped potential. However, this also means that the liquidity and retail participation in the PEPE market is much less than what DOGE and SHIB have experienced in previous years. In fact, it turns out that the retail landscape has changed dramatically and retail participation seems to be almost non-existent.
However, Santiment noted that despite the differences in trading volume and liquidity, PEPE’s social volume in crypto media is on par with DOGE and SHIB during peak periods. Social volume is based on project-specific participation in social media such as posts and interaction.
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