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On August 12, 2023, ApeCoin (APE) along with Shiba Inu (SHIB), Dogecoin (DOGE), Pepe (PEPE), and a few other meme coins stood out from the rest of the market due to their increasing values while the rest remained silent. However, only PEPE and APE managed to sustain their price increases, resulting in a calm market in the next few hours.
Rise in Two Altcoins!
Santiment’s analysis highlighted that the mentioned cryptocurrencies stood apart from the rest of the market. These coins either reached their highest level against Bitcoin price in a week or were very close to surpassing it. Similarly, when these four assets experienced isolated rises, it is usually associated with the greed and/or boredom of the crowd.
However, PEPE and APE were the only cryptocurrencies within the group that managed to maintain their upward trends, thus slowing down the situation. According to CoinMarketCap, APE and PEPE prices increased by more than 2% and 4% respectively in the last 24 hours. At the time of writing, APE was trading at $1.97, while PEPE was trading at $0.000001338. A significant reason for their continued rise was the significant increase in trading volumes that legitimized the price increase. The relatively high social dominance of both cryptocurrencies reflects their popularity.
DOGE and SHIB Performance!
While APE’s held supply by major addresses increased slightly, the same metric for PEPE saw a decline last week. While PEPE and APE gained profits, the price movements of SHIB and DOGE remained in the background. According to CoinMarketCap, DOGE’s price moved marginally in the last 24 hours and was trading at $0.07628 at the time of writing. This happened despite the increase in social activity. According to LunarCrush, DOGE’s social engagement increased by more than 73%.
Additionally, it may be surprising to see the end of SHIB’s bull run before the launch of Shibarium. Last week, the meme coin experienced double-digit growth, indicating that SHIB could enter the top 10 cryptocurrencies by market value. However, this was not the case as its price dropped by more than 2.5% in the last 24 hours. At the time of writing, it was trading at $0.00001061 with a market value of $6.2 billion, making it the 12th largest cryptocurrency in the industry.
