DOGE Dominates: Can PEPE Stage a Comeback?

Memecoin Mania: DOGE Soars, PEPE Struggles to Keep Pace

The memecoin market is experiencing a resurgence, with nearly 4% gains in the last 24 hours and over $5 billion flowing in within two days. This influx has propelled the total market capitalization to $65 billion, signaling a renewed appetite for risk.

Dogecoin [DOGE] is leading the charge, rebounding by 3.51% to reach the $0.20 mark after a 30% correction. However, Pepe [PEPE] has seen a more modest gain of 1.61% from its $0.0000104 base.

The PEPE/BTC chart indicates underlying weakness, bouncing off the 0.0000000000852 BTC support but still underperforming DOGE and other major cryptocurrencies.

Is Rotation Risk Hindering PEPE?

As Bitcoin [BTC] attracts risk-off capital, traders are turning to higher-beta assets like memecoins for short-term gains. The DOGE/BTC pair has risen 1.72%, and meme tokens dominate the top daily gainers.

Despite a bounce off key support, PEPE is notably absent from the top gainer list, raising questions about whether it's a lagging asset or experiencing capital outflow.

PEPE Adoption vs. Price Action

PEPE's price dropped by 18% this week, making it the worst performer among the top memecoins. Yet, its holder count reached an all-time high of 472,158.

While still behind DOGE's 8.3 million holders, on-chain data reveals interesting insights:

• The top 100 PEPE wallets control 72.74% of the total supply, compared to DOGE's 63.79%.
• PEPE's top 10 holders control 39% of the supply, while DOGE's control 44%. This suggests that PEPE is more concentrated overall within the top 100 wallets, but slightly less concentrated among the very top holders.

DOGE's stronger whale concentration appears to be beneficial, with DOGE gaining 30% in July, whereas PEPE only saw a 12.8% increase.

In conclusion, despite increasing on-chain activity, PEPE lags behind DOGE in both technical and fundamental aspects, potentially positioning DOGE for further gains in August.