Over the last few years, a number of meme coins such as PEPE and TRUMP have popped up, growing large enough to overtake many before them. They have risen quickly with meme coin mania to vie for top positions in this budding sector. While Dogecoin has since maintained its position as the foremost and largest meme coin, Shiba Inu has had a harder time maintaining its hold on second place. Now, it has fallen behind PEPE in a major metric.
Shiba Inu Drops Behind PEPE In Social Activity
Shiba Inu marketing lead LUCIE shared an update on the social activity of the top meme coins, and it revealed a shocking development. According to the report, Shiba Inu has fallen reasonably behind PEPE in this major metric, something that often directly affects the performance of meme coins as their movements are largely hype-based.
In the screenshot, it shows Dogecoin is still in the lead by a large margin with 3.6 million interactions across 37,800 engaged posts. Then behind Dogecoin is the much younger PEPE meme coi,n coming in hot with 1.5 million interactions spread across 22,800 posts.
Shiba Inu is in third place with fewer than 1 million interactions, showing a large gap between the two. With 791,600 interactions across 15,600 posts, it shows how much Shiba Inu has declined in popularity among meme coin investors.
Other notable appearances here are from the TRUMP meme coin, coming in at fourth place. PUMP, from the Pump Fun team, is surprisingly ahead of BONK, kicking the latter out of the top 5 in terms of social activity. Others, such as PENGU, FARTCOIN, GOAT, and GIGA, all appear on the list in descending order.
Is There A Flippening Coming?
While the Shiba Inu market cap remains above $7 billion, putting it ahead of PEPE’s $4 billion, the latter seems to be outperforming in other areas. Besides social activity, PEPE has also managed to surpass Shiba Inu in terms of trading volume. Data from the CoinGecko website shows an over $295 million 24-hour trading volume for PEPE. In contrast, the Shiba Inu trading volume came in at just over $120 million for the same time period.
However, another area where Shiba Inu has continued to dominate is in terms of total holder count. The total SHIB holders, according to Etherscan, have crossed 1.5 million, whereas the total number of PEPE holders sits just above 482,000 at the time of writing.
Featured image from Dall.E, chart from TradingView.com
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