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Meme Coins Like PEPE and Shiba Inu (SHIB) Are Surging: What's Up?

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Mon, 4/12/2023 - 12:59
Meme Coins Like PEPE and Shiba Inu (SHIB) Are Surging: What's Up?
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Recently, coins like PEPE and Shiba Inu (SHIB) have seen significant surges, with PEPE's price soaring over 20% and SHIB also demonstrating a strong uptick, gaining around 10% to its value.

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Examining PEPE's price chart reveals a rapid ascent followed by a sharp decline, typical of a pump-and-dump scenario. A substantial deposit of 794 billion PEPE, worth around $1.1 million, was made to the exchange Gate.io as the price rocketed. This action resulted in an approximate profit of $230,000 for the depositor before the price retreated from its peak, a classic example of how large transactions can influence meme coin valuations.

PEPEUSDT
PEPE/USDT Chart by TradingView

Shiba Inu, on the other hand, has been riding the wave of a broader market recovery. Its chart exhibits a steady climb within an upward channel, showing more sustained buying interest compared to PEPE. However, the nature of SHIB's movements, while less erratic than PEPE's, still carries the hallmark volatility of a meme coin.

For investors considering a foray into the meme coin market, there are three critical factors to consider:

Volatility: Meme coins are highly volatile. The recent price movements of PEPE and SHIB underscore the rapid gains and losses that can occur in very short time frames. While high volatility can mean high returns, it also entails a greater risk of sudden price drops, especially for PEPE.

Market manipulation: Large holders, or "whales," can significantly impact meme coin prices. As seen with PEPE, a single large deposit or withdrawal can lead to substantial price fluctuations. Investors must stay alert to the possibility of market manipulation and trade with caution.

Lack of fundamental value: Unlike major cryptocurrencies that have broader utility and adoption, meme coins often lack a strong fundamental value. Their price is typically driven by community sentiment and social media hype.

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