Despite the epic price rise of PEPE, the most recent meme coin craze, David Gokhshtein, a well-known cryptocurrency podcaster, has stated that he will continue to promote Shiba Inu (SHIB).
PEPE has grown by around 40,000% since its mid-month launch, which piqued the curiosity of many investors. Despite remaining mostly flat, SHIB has continued rising over 1600% in the previous two weeks.
Gokhshtein has maintained his support for Shiba Inu while admitting to investing in PEPE despite its extraordinary earnings. According to the analyst, a strange twist in the meme currency market today is that PEPE is now replacing SHIB holdings.
“Looking at the data, people have been swapping their SHIB positions into PEPE,” Gokhshtein tweeted, adding, “I still like SHIB long term.” The commentators’ remarks came hours after on-chain analytics firm Nansen announced that 3,350 wallets own SHIB and PEPE, with the latter token collecting almost 54,000 holders in only two weeks. Nansen also noted the large holder “Wintermute 0x2800,” who received 1.2 billion SHIB on February 23 and 46.5 billion PEPE on April 20. The whale has a balance of 81.6 billion PEPE and 15.2 billion SHIB. Notably, this whale has been trading PEPE for other coins and vice versa to profit.
Several investors have FOMOed into PEPE to capitalize on positive movements. On April 30, crypto investor “Waleed Eth” claimed that he had tripled his money after swapping $17,000 in SHIB for PEPE the day before. He also advised others to do the same by tweeting a graph of PEPE’s price soaring parabolically.
PEPE, a token with a frog design that had been around for over a month, rose to prominence online, particularly when early investors saw spectacular profits in a little over a week. Shiba Inu’s token trading volume almost doubled on May 1 to about $358 million, up from $125 million for SHIB. On May 2, PEPE got listed on Bitmex with a 50x leverage.
However, because PEPE lacks a clear use case, it is important to note that, despite its growing popularity, its price is not guaranteed to rise. Notably, the meme currency’s official website states that it was created solely for amusement and should not be regarded as an investment opportunity. SHIB, on the other hand, has a variety of payment-related developments as well as a planned metaverse and is constantly acquiring additional payment applications.
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