A Tale of Three Memecoins: DOGE, SHIB, and PEPE
In the world of meme-inspired cryptocurrencies, DOGE and SHIB have had their moments of glory, with trading volumes reaching astronomical heights in their heydays. PEPE, another cryptocurrency with meme origins, is not quite there yet. When comparing their trading volumes at their peak, PEPE reached $2 billion, while SHIB and DOGE hit $40 billion and $70 billion, respectively.
Although PEPE's trading volume is significantly lower, it leaves room for growth and untapped potential. However, it also means that the liquidity and retail participation in the market for PEPE is far less than what DOGE and SHIB experienced in previous years. In fact, it seems the retail landscape has changed dramatically, with retail participation appearing nearly nonexistent.
The crash of FTX and LUNA has had a profound impact on the market, leaving many "dinosaurs" in the dust. Today, the trading volumes for these meme-inspired cryptocurrencies are dwindling, with the market's focus shifting to other prospects. Conversations continue, but it appears that the interest and investment from retail traders have significantly diminished.
Despite the differences in trading volume and liquidity, PEPE's social volume within the crypto media is on par with DOGE and SHIB during their peak periods. However, when it comes to mainstream media coverage, PEPE falls short. While DOGE was discussed on national television, PEPE remains primarily confined to the realm of crypto Twitter.
Taking all of these factors into consideration, it seems unlikely that PEPE will have the same market impact as DOGE and SHIB. Although the potential for growth exists, the lack of retail engagement, liquidity, and mainstream media attention may prevent PEPE from achieving the same level of success as its predecessors.
Disclaimer: The opinions expressed in the post are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.
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