In this bull market, Doge and Shib have already shown their excellence, and the competition between Fight and Pepe is no longer the key. However, it is certain that the second most watched meme coin is Fight. During this period, I have been thinking, if Pepe is the Doge of this bull market, then where is the status of Shib?
Current market trends of PEPE
Pepe (PEPE) has exceeded expectations during the current cryptocurrency market downturn, experiencing a significant price increase today. At press time, PEPE is trading at $0.00001259, up 24.83% in 24 hours.
The surge may be partially attributed to the surge in Ethereum prices following the preliminary approval of the spot ETH ETF. Pepe's 24-hour trading volume jumped 98% to $2.18 billion, indicating high investor interest. Given these trends, if market sentiment remains strong, PEPE will rise further.
Pepe has been one of the most active meme coins on the Ethereum blockchain. Previously, when the spot Ethereum ETF 19b-4 application was approved, Pepe's price rose 56%. With ETF trading expected to resume on July 23, Pepe's upward trajectory is likely to continue.
Additionally, Coinalyze data shows that PEPE futures open interest (OI) across exchanges has increased by 26.89% in the past 24 hours. This indicates a surge in investor interest as traders rush to buy the meme coin in anticipation of further gains.
Notably, PEPE is trading above its 200-day simple moving average and 200-day exponential moving average. This suggests that despite the recent Bitcoin sell-off, Pepe has maintained higher price levels.
SHIB's current market situation
Shiba Inu (SHIB) had a strong 2021, with its first-year gains reaching millions of percentage points. However, since then, the asset’s price has struggled to regain the same growth momentum and is now down nearly 80%.
Shiba Inu's strong performance in 2021 has been driven by a variety of factors. The entire market is in a bullish mood, with multiple crypto assets hitting all-time highs. Additionally, SHIB benefited from a massive burn operation by Ethereum co-founder Vitalik Buterin. Buterin decided to destroy 90% of the token supply he held after receiving SHIB tokens, a move that significantly reduced SHIB's circulating supply and drove its price up rapidly.
As of now, there are approximately 589 trillion Shiba Inu tokens in circulation. This huge supply is a major obstacle to the recovery of the asset's price. If the project can implement a token burn similar to the one in 2021, we may witness another significant rise in SHIB. The SHIB team is reportedly working on a new burn mechanism that is expected to destroy trillions of tokens per year. Although the official launch date of the new burn mechanism has not yet been determined, this may further drive SHIB's price up.
FIGHT Market Trends
Every bull market has its own cryptocurrency superhero. In the last round, Musk promoted the explosion of memes, and the core story of this round revolves around BTC and ETH ETFs. The core of this story is the United States, and the only person with leadership qualities and the ability to "call orders" is Trump, and only Trump.
If Pepe represents the top consensus, then Fight is the top narrative. Fight is represented by Trump, but Fight is more than Trump himself. More importantly, people will firmly believe in the spiritual will reflected in these decisive historical moments - Fight! Fight! Fight! This embodies the American spirit of pursuit of freedom and tenacious struggle. If Doge represents the pursuit of fairness, freedom and joy in cryptocurrency, then Fight best represents the indomitable will of the American people.
Xiao Miao believes that Fight is likely to tie with Pepe or even surpass Pepe during the US election, but where it will go in the end will depend on people's choices.
That’s all for today’s article. We are currently in a bull market, and things are turbulent. We share passwords every day.
