In recent days, the memecoin market has generally been quite bleak, especially when compared to other altcoins. At this point in time, both Shiba Inu (SHIB) and PEPE are following a similar accumulation pattern.
However, the price movement of SHIB over the past week has been more favorable. Specifically, in the last 7 days, the price of Shiba Inu (SHIB) has only decreased by nearly 3%, while PEPE has lost more than 5% of its value.
Accumulation of momentum before triangle resistance
Observing the daily chart of SHIB shows that the price is accumulating in an ascending triangle pattern since the end of June. At the time of writing, SHIB shows signs of gaining significant bullish momentum after bouncing off the important support zone at 0.00001183 USD.
In fact, the price is approaching the resistance level of the triangle pattern, opening up the possibility of a breakout upwards. As the price nears this resistance zone, traders need to closely monitor for breakout signals – which could mark the beginning of a new upward trend.
Source: TradingViewSo, what is the main driving force behind the price increase of SHIB?
On-chain data shows that SHIB whales have been actively buying both in the spot and derivatives markets at the current price. This is particularly evident when compared to the activity of PEPE whales, which only show neutral signals.
Source: CryptoQuant## PEPE is increasing slowly despite the buying side dominating
The price of PEPE is also moving according to a similar accumulation pattern. This memecoin has accumulated some upward momentum after the price bounced from the support zone of 0.000009140 USD. However, the strength of this uptrend does not seem to be very impressive compared to SHIB.
Source: TradingViewThe sluggish price of PEPE may be related to the high trading volume in the futures market. Data from the 90-day CVD indicator shows that buyers still maintain an advantage in the market of this memecoin.
However, the motivation from the retail investor group in the PEPE market is still far behind the influence of SHIB whales. Nevertheless, PEPE whales can definitely join in if the retail group establishes a clear trend.
Source: CryptoQuant## Conclusion
At present, both SHIB and PEPE are approaching important breakout zones; however, the driving momentum is different. The advantage of SHIB lies in strong accumulation activity from whales, which helps consolidate efforts to initiate a new rally. Meanwhile, PEPE mainly relies on buying power from retail investors, while whales remain on the sidelines observing.
Will PEPE be able to catch up with its rivals, or will SHIB continue to widen the gap? The answer may soon be revealed as both tokens approach the resistance level of the ascending triangle pattern on the price chart.
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PEPE vs Shiba Inu – Which memecoin is dominating?
In recent days, the memecoin market has generally been quite bleak, especially when compared to other altcoins. At this point in time, both Shiba Inu (SHIB) and PEPE are following a similar accumulation pattern.
However, the price movement of SHIB over the past week has been more favorable. Specifically, in the last 7 days, the price of Shiba Inu (SHIB) has only decreased by nearly 3%, while PEPE has lost more than 5% of its value.
Accumulation of momentum before triangle resistance
Observing the daily chart of SHIB shows that the price is accumulating in an ascending triangle pattern since the end of June. At the time of writing, SHIB shows signs of gaining significant bullish momentum after bouncing off the important support zone at 0.00001183 USD.
In fact, the price is approaching the resistance level of the triangle pattern, opening up the possibility of a breakout upwards. As the price nears this resistance zone, traders need to closely monitor for breakout signals – which could mark the beginning of a new upward trend.
On-chain data shows that SHIB whales have been actively buying both in the spot and derivatives markets at the current price. This is particularly evident when compared to the activity of PEPE whales, which only show neutral signals.
The price of PEPE is also moving according to a similar accumulation pattern. This memecoin has accumulated some upward momentum after the price bounced from the support zone of 0.000009140 USD. However, the strength of this uptrend does not seem to be very impressive compared to SHIB.
However, the motivation from the retail investor group in the PEPE market is still far behind the influence of SHIB whales. Nevertheless, PEPE whales can definitely join in if the retail group establishes a clear trend.
At present, both SHIB and PEPE are approaching important breakout zones; however, the driving momentum is different. The advantage of SHIB lies in strong accumulation activity from whales, which helps consolidate efforts to initiate a new rally. Meanwhile, PEPE mainly relies on buying power from retail investors, while whales remain on the sidelines observing.
Will PEPE be able to catch up with its rivals, or will SHIB continue to widen the gap? The answer may soon be revealed as both tokens approach the resistance level of the ascending triangle pattern on the price chart.
Itadori