Key Takeaways
Shiba Inu has been gaining an edge lately on the back of whale accumulation fueling stronger momentum. On the contrary, PEPE continues to rely heavily on retail traders, with its momentum weaker than SHIB’s.
There has been a lack of action across the broader memecoin market, especially when compared to the other altcoins. While both memecoins, SHIB and PEPE, seemed to be following a similar consolidation pattern at press time, SHIB’s price has fared better over the last one week.
Over the past week, Shiba Inu (SHIB) managed to limit losses to just 0.3%. In comparison, PEPE shed nearly 3.7% of its value.
Building momentum towards the triangle resistance
A look at SHIB’s daily chart revealed that the price has been consolidating in an ascending triangle pattern since late June. At press time, SHIB’s price appeared to be accumulating significant bullish momentum after bouncing off a key demand zone at $0.00001183.
Actually, the price may be approaching the triangle resistance for a potential bullish breakout. With the token edging closer to the triangle’s resistance, traders should be closely watching for signs of a breakout that could mark the start of a fresh rally.
Source: TradingView
What could be the key driver for SHIB’s price?
When its on-chain metrics are looked at, it is evident that SHIB whales have been actively accumulating orders in both spot and derivative markets at the current price. Especially when compared to PEPE whale metrics which hinted at neutral conditions.
Source: CryptoQuant
PEPE’s momentum lags despite buyers’ dominance
PEPE’s price has been consolidating along the same pattern too.
For PEPE, its price accumulated some bullish momentum after bouncing off the $0.000009140-demand zone. However, the magnitude of the momentum appeared to be slow, compared to SHIB.
Source: TradingView
PEPE’s sluggish momentum could be linked to the surging trading activity in the Futures market. In fact, the 90-day cumulative volume delta data indicated that buyers have retained their dominance across the memecoin’s market.
Now, although the impulse from retail dominance in PEPE’s market pales in comparison to that of SHIB’s whales and their market, PEPE whales could join the market if retail sets the market direction.
Source: CryptoQuant
What’s the bottom line?
As things stand, both SHIB and PEPE may be nearing critical breakout zones. However, their underlying drivers have been different.
SHIB’s advantage lies in whale accumulation, something that lends weight to its latest rally attempt. On the other hand, PEPE is continuing to lean on retail buyers while whales remain on the sidelines.
Can PEPE catch up or will SHIB extend its lead? It may soon be decided as both tokens approach key ascending triangle resistance levels on their charts.
