One of the top-performing cryptocurrencies in 2023 is Pepe Coin (PEPE), surpassing rivals like Shiba Inu (SHIB) and Dogecoin (DOGE). Despite a sharp decline in performance over the past few weeks, many investors continue to express optimism about the cryptocurrency.
The London-based liquidity provider and cryptocurrency trading company Wintermute is shifting its portfolio away from SHIB and toward PEPE. As renowned crypto analyst Jason Cline noted, Wintermute contains an equal number of APE and Pepe Coin. In addition, the company holds more Pepe Coin (PEPE) than Shiba Inu (SHIB). Due to this discovery, the market dynamics for meme coins are predicted to change.
According to Cline, Wintermute has recently been involved in active PEPE trading. Before repurchasing it shortly after, the corporation sold off around $227,000 worth of PEPE. However, the company has not made the rationale for the shift public. Despite PEPE’s 19.2% decline over the previous two weeks, this supports the claim that the firm is still optimistic about the stock.
Related Reading: Pepe Coin Now Listed on Bittrex Global, Expanding its Global Reach
Is There Hope for Shiba Inu Against Pepe Coin?
SHIB offers fans and users a lot more use cases than PEPE does. Two of the project’s offspring tokens are currently experiencing a solid rally. In the past 24 hours, ShibaSwap Bone (BONE) and Doge Killer (LEASH) have both increased by 8.9% and 8.8%, respectively. BONE was trading at $0.777890 at the time of publication, while LEASH was trading for $311.18.
The future Shibarium layer-2 network from Shiba Inu will heavily rely on BONE and LEASH. In the new network, BONE will serve as the governance token. Puppynet, the project’s testnet, reportedly had more than 11 million transactions and nearly 16 million wallet addresses.
Source: puppyscan.shib.ioÂ
The increase in Puppynet transactions may be responsible for the spike in BONE and LEASH prices. It’s also possible that expectations of the Shibarium launch fueled the rise. The forthcoming layer-2 could debut sometime in June or August, according to leading developer Shytoshi Kusama, who has stated that the company still needs to provide an official launch date.
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