Holder growth lifts PEPE and SHIB sentiment – More gains ahead IF…

The broader memecoin sector slightly rebounded in the past few weeks but has since cooled off. However, the holder behavior for major memecoins seems to be growing steadily, though gradually.

Holders’ behavior of PEPE and SHIB is shifting!

The number of wallets holding Pepe [PEPE] has been growing, with more than 1,500 addresses added in two weeks. The total stood at 553,446, at press time, according to Etherscan.

Whales’ concentration was at almost 90% of the total cap, although they account for 0.11% of all PEPE holders. Sharks control about 5% of the market, and they represent 0.53% of all holders.

For Shiba Inu [SHIB], the number of holders increased from 1.583 million to 1.585 million for a similar period. Whales hold 95% of the total supply, but they represent only 0.05% of all holders.

Wallets holding between $1,000 and $10,000 in SHIB control 1.81% of the supply. This is slightly more than those with tokens valued between $10,000 and $100,000.

The gradually growing number of holders for PEPE and SHIB reflects meaningful but steady adoption of memecoins. These figures indicate potential price recovery in the broader memecoin sector.

PEPE, SHIB prices in a retest

The daily chart showed that both memecoins had broken descending resistances. This indicated symmetry across popular multibillion-cap memecoins.

At press time, PEPE was trading back toward the broken resistance, indicating a potential retest. PEPE traded above the Ichimoku Cloud, which could act as support as it is horizontally aligned with the breakout zone.

This level is around $0.00000371 but could drop to $0.00000300.

Additionally, the Stochastic Momentum Index is oversold, with a reading of -68. Usually, prices tend to reverse when they hit such levels, even though it may not be instant.

Shiba Inu was also showing similar behavior.

The memecoin is approaching the slanting resistance, and selling seems to be reducing. The selling pressure has declined from 437 billion SHIB to 37 billion tokens as per the Cumulative Volume Delta (CVD).

Overall, the two memecoins’ price outlook suggests a potential rebound if the retests become successful. Otherwise, failure at the retest level would invalidate the bullish breakouts.

Broader memecoin market sentiment

From a broader memecoin perspective, the token trading volume surged by 26% over the past 30 days. Traders exchanged more than $3 billion in capital across PEPE, FLOKI, and other culture coins.

The number of monthly active addresses surged by about 7%.

Still, most of the memecoins’ market cap remains more than 60% below their Fully Diluted Values (FDV).

Final Summary

• Holders of PEPE and Shiba Inu tokens show small but steady growth. 
• PEPE and SHIB prices are trading toward the breakout zone, suggesting a potential retest.