PEPE Trading Volume Surpasses DOGE, SHIB: Market Analysis
Crypto enthusiast Lark Davis recently pointed out that PEPE has surpassed both Dogecoin (DOGE) and Shiba Inu (SHIB) in terms of daily trading volume. However, DOGE still maintains a market cap that is nearly five times larger than PEPE. This discrepancy raises questions about the valuation of PEPE compared to its meme coin counterparts.
According to Davis, PEPE’s daily trading volume is higher than both DOGE and SHIB combined. Meanwhile, DOGE’s market cap is almost five times greater than PEPE’s. This raises the question of whether PEPE should be valued as much as DOGE or SHIB.
At present, PEPE is priced at $0.000007, with a 24-hour trading volume of $363,510,204. The coin has experienced a slight 3.5% drop in the past day, resulting in a market cap just shy of $3 billion. PEPE’s circulating supply is approximately 420.7 trillion coins, with a maximum supply of the same amount.
Recent data indicates a 37.27% decrease in PEPE’s trading volume, suggesting reduced activity. However, there has been a 4.67% increase in open interest, indicating that traders are opening more positions in anticipation of future price movements. The 24-hour long/short ratio of 0.9459 suggests a slight market bias towards short positions.
On the OKX exchange, the long/short ratio for PEPE is 3.18, indicating a more bullish sentiment. However, significant long position liquidations in recent hours suggest a bearish trend. Exchanges such as Binance, OKX, Bybit, and Bitfinex dominate PEPE derivatives trading. The overall market sentiment remains cautious, with increased volatility and a tilt towards short positions.
As for Dogecoin, it is currently priced at $0.097752, with a 24-hour trading volume of $449,548,302. The coin has experienced a marginal 0.24% decrease in the past 24 hours, resulting in a market cap of $14,255,621,261. Dogecoin currently has a circulating supply of 145,834,436,384 coins.
In the Dogecoin derivatives market, trading volume has decreased by 30.42% to $706.09 million, while open interest has risen by 3.88% to $457.27 million. Options activity has also increased significantly, with volume up 112.54% and open interest rising 16.64%.
The long/short ratios across exchanges vary for Dogecoin, indicating a slightly bearish sentiment overall (0.9455). However, some exchanges show a preference for long positions. Total liquidations of long positions amount to $877.41K in the past 24 hours. This mixed data suggests a potential turning point in the market, with both bullish and bearish signals present.
As for Shiba Inu, it is priced at $0.000013, with a 24-hour trading volume of $152,235,281. The coin has experienced a 1.58% decrease in the past 24 hours, resulting in a market cap of $7,758,172,390. Shiba Inu’s circulating supply is 589,269,830,334,280 coins.
Shiba Inu’s derivatives market has shown a decrease in trading volume by 23.10% and a reduction in open interest by 10.42%. These figures indicate lower market activity. The overall long/short ratio of 0.895 suggests a slightly bearish sentiment. Liquidation data reveals that more long positions are being liquidated within shorter time frames.
It’s important to note that the information presented in this article is for informational and educational purposes only and does not constitute financial advice. Readers are advised to exercise caution and do their own research before making any investment decisions.