- PEPE has returned +400% YTD, significantly outperforming SHIB’s 24% and DOGE’s 10%.
- As market sentiment improves, PEPE appears well positioned to outperform DOGE and SHIB.
Mimecoin It dominated the cryptocurrency market and was the best performer in the first half of 2024. The impressive first half performance attracted more Mimecoin investors seeking similar windfalls. But what happened to them, especially as the market expected a general rebound in Q4?
This report evaluates how investors benefit. Dogecoin (DOGE), Shiba Inu (SHIB)and PEPPER compare.
DOGE vs. SHIB vs. PEPE Profits
Source: DOGE vs. SHIB vs PEPE Performance (TradingView)
On a YTD (YTD) basis, PEPE has outperformed two existing mimecoins, DOGE and SHIB. The frog-themed PEPE has gained over 400% while SHIB and DOGE have gained 24% and 10% respectively.
However, in Q3, PEPE fell more than SHIB and DOGE due to the market decline. PEPE fell 35% compared to SHIB’s 22% decline. During the same period, DOGE recorded a relatively small decline of 17%.
Source: Source: DOGE vs. SHIB vs PEPE Performance (TradingView)
Simply put, PEPE was more volatile than DOGE and SHIB due to its larger price spikes and drops.
Memecoin Evaluation and Recovery Potential
According to Sentiment’s Market Value to Realized Value (MVRV), every investor who held Mimecoin over the past three months has incurred an unrealized loss.
Source: Santiment
The negative reading of MVRV also meant that Mimecoins were massively undervalued and relatively discounted. So the question is – which Mimecoins are best positioned for explosive growth?
Looking at the daily price chart, we can see that SHIB and DOGE have erased most of their yearly gains and are back down near March levels.
On the other hand, PEPE remained stable above Q2/Q3 support levels despite the market decline.
Source: DOGE vs PEPE Market Structure (TradingView)
By defending Q2 support, PEPE may be best positioned for a more explosive and powerful recovery than DOGE and SHIB, especially if market sentiment improves.
If so, PEPE investors can still outperform and outperform their DOGE and SHIB peers. That said, the frog-themed Mimecoin also fell more sharply during the downturn.
In conclusion, PEPE investors have seen better returns than DOGE and SHIB on a YTD basis. PEPE is up over 400%, 40x more than SHIB and over 15x more than DOGE.
From a market structure perspective, PEPE looked well positioned for a stronger recovery after defending its key Q2/Q3 support zone. Unlike DOGE and SHIB, both fell back to March levels.