#PEPE distribution remains stable amid price decline.
PEPE has fallen 18% this week, the worst performer among the top three. However, its holders have reached an all-time high of 472,158.
Of course, it still lags significantly behind DOGE, which has 8.3 million holders.
However, a look at the blockchain data reveals some notable discrepancies.
According to Etherscan metrics, the top 100 PEPE wallets control 72.74% of the total supply, indicating higher concentration. In comparison, the top 100 DOGE holders control 63.79% of the total circulating supply.
On the other hand, the top 10 PEPE holders account for 39% of the total turnover, while DOGE controls 44%. Overall, PEPE is more concentrated in the top 100, but slightly less concentrated at the very top.
And this stronger concentration among the top DOGE holders seems to be paying off. DOGE ended July up 30%, while PEPE rallied 12.8%.
To sum it up, despite the memecoin’s growing activity on the network, it still lags behind DOGE in both technical and fundamental terms. This strengthens DOGE’s position and allows it to close August higher.