- Thanks to the price uptick, the memecoin’s social metrics remained high
- Shiba Inu’s bull rally came to an end as its price dropped by over 2%
On 12 August 2023, a few memecoins such as Shiba Inu [SHIB], Dogecoin [DOGE], Pepe [PEPE], along with ApeCoin [APE], decoupled from the rest. This happened because their values shot up while the rest of the market remained quiet. However, things settled down over the next few hours as only PEPE and APE managed to sustain their price pumps.
Realistic or not, here’s PEPE market cap in BTC‘s terms
Memecoins giving other altcoins a run for their money
Santiment’s analysis highlighted the aforementioned coins decoupling from the rest of the market. These coins were either a week high against the price of Bitcoin or very close to surpassing it. As per the same, when these four assets see isolated pumps, it is often associated with greed and/or boredom from the crowd.
🐶🙉 In the past 4 hours, there have been notable price ascensions from popular #memecoins. $DOGE, $SHIB, $APE, and $PEPE have all temporarily decoupled from $BTC and the #altcoin pack. Our quick insight reveals what this rare pattern historically signals. https://t.co/FkXGzGZiZY pic.twitter.com/ksXWYnZCGI
— Santiment (@santimentfeed) August 12, 2023
The situation soon slowed down, however, as PEPE and APE were the only coins among the group that managed to maintain their uptrends. According to CoinMarketCap, for instance, APE and PEPE’s prices hiked by more than 2% and 4%, respectively, in the last 24 hours. At press time, APE was trading at $1.97, while PEPE had a value of $0.000001338.
A major reason why they sustained their pumps was massive upticks in their trading volumes, which legitimized the price hike. Both coins’ social dominance also remained relatively high, reflecting their popularity. However, it was interesting to see that while APE’s supply held by top addresses rose slightly, the same metric for PEPE registered a decline over the past week.
Source: Santiment
DOGE and SHIB took a U-turn
While PEPE and APE enjoyed gains, SHIB and DOGE’s price action took a back seat. As per CoinMarketCap, DOGE’s price moved marginally over the last 24 hours and at press time, was trading at $0.07628. This happened despite a hike in its social activity. In fact, as per LunarCrush, DOGE’s social engagement surged by more than 73%.
👀Keeping an eye on $DOGE.
Social engagements are coming in at 64.66 million (+73.43%) today. What does that mean? It means the community is really active in $DOGE social posts.https://t.co/cfvWAEpPWu pic.twitter.com/Mewyl2nZ8B
— LunarCrush (@LunarCrush) August 12, 2023
Additionally, it was also surprising to see SHIB’s bull rally come to an end ahead of Shibarium’s launch. Over the last week, the memecoin has registered double-digit growth, which indicated that SHIB could enter the list of the top-10 cryptos by market cap.
Read Shiba Inu’s [SHIB] Price Prediction 2023-24
However, that was not the case as its price dropped by more than 2.5% in the last 24 hours. At the time of writing, it was trading at $0.00001061 with a market cap of $6.2 billion, making it the 12th largest crypto in the industry.
