Understanding Shiba Inu and Pepe’s social surge vs price trends

• Shiba Inu and Pepe led other meme coins in social activity to close the month.
• SHIB and PEPE have seen their price uptrends come to an end.

Shiba Inu [SHIB] and Pepe have recently achieved high rankings in terms of social activity within the meme coin community. However, it’s important to determine if this surge in social interest has been mirrored in key metrics such as price and trading volume. Have these metrics followed a similar path of growth?

Read Shiba Inu (SHIB) price Prediction 2023-24

Social stats point to Shiba Inu and Pepe’s dominance

On 31 October, CryptoDep published a post in which they assessed the social activity rankings of meme coins. According to the data presented, Shiba Inu claimed the top spot with the highest level of social activity, closely followed by Pepe.

The social activity ranking took into account metrics such as social mentions, engagements, and dominance.

Specifically, Shiba Inu received more than 2,000 social mentions, garnered 37.4 million social engagements, and held a 0.7% dominance within the meme coin community.

In the second position, Pepe recorded over 1,000 mentions, accumulated 24.2 million engagements, and had a dominance of 0.14%.

Did the Siba Inu and Pepe volumes follow the same trend?

Based on the volume chart provided by Santiment, Shiba Inu (SHIB) has displayed a relatively stable trend in the past few days, with one notable exception occurring around 26 October, when the volume experienced a significant spike.

At the time of this writing, the SHIB volume was following its usual pattern and was approximately $163 million.

Source: Santiment

On the other hand, the volume chart for Pepe indicated a consistent and regular trend. However, at the time of this writing, the volume had started to decline, decreasing from its previous level of around $150 million to approximately $123 million.

SHIB and PEPE prices continue to slip

When examining the daily timeframe chart of Shiba Inu (SHIB), it becomes evident that the increase in its social activity did not translate into a positive impact on its price.

By the close of trading on 31 October, SHIB had experienced a loss of more than 2% of its value. Furthermore, at the current time of writing, it had declined again by over 1%.

Source: TradingView

Furthermore, when analyzing Pepe on a daily timeframe chart, it becomes apparent that its performance was also lackluster.

How much are 1,10,100 PEPEs worth today

By the close of trading on 31 October, Pepe had witnessed a decline of over 3% in its value. At the time of this writing, the loss had persisted, with the chart indicating a decrease of over 1% in value. 

Source: TradingView

However, it was worth noting that Pepe’s trend appeared to be somewhat more favourable compared to SHIB. Its Relative Strength Index (RSI) was still above the neutral zone, while SHIB had dropped below it. This suggested a relatively stronger position in terms of momentum.