Santiment, an on-chain analytical tool, has published a research report on meme coins that features the currently popular Pepe Coin. The research emphasized that despite the coin’s substantial daily trading volumes, retail traders were prominently missing during Pepecoin’s (PEPE) quick rise to a market value of $1.5 billion within a few weeks.
The most popular meme coins, including Shiba Inu and Dogecoin, had daily trading volumes of $40 billion and $70 billion, respectively, while Pepe Coin peaked at $2 billion. Even though PEPE has significantly less liquidity than DOGE and SHIB, according to the analysis, there is still possibility for expansion and unrealized potential for the popular meme coin.
Pepe Coin lacks mainstream media attention
PEPE has attracted as much social interest in the cryptocurrency community as DOGE and SHIB did at their peak times, despite swings in trading volume and liquidity. In contrast to DOGE, which received widespread media attention, PEPE has had difficulty doing so. Pepe Coin is, however, getting his fair share of Twitter attention.
Even with these factors in mind, according to Santiment, PEPE is not likely to have the same market impact as SHIB and DOGE. According to the analysis, Pepe Coin may not be as successful as other meme coins due to its lack of retail involvement, liquidity, and mainstream media exposure.
PEPE, which initially traded at $0.00000002764 on April 17, 2023, shot up to an all-time high of $0.000004354, providing its early investors with a return on investment (ROI) of 5747% in a short period of time. PEPE is currently trading at $0.000001589, 62.8% below where it peaked, according to data from CoinMarketCap. The market capitalization that exceeded the $1 billion threshold has also decreased and is now at $622 million.