There is a resurgence happening within the wider digital currency realm, with meme coins such as Shiba Inu (SHIB) and PEPE gaining momentum. Currently, the meme coin market is showing a 4.47% increase in trading volume in the past 24 hours, reaching $58,026,790,606. SHIB and PEPE have experienced gains of 2.34% and 14.07% respectively, with values of $0.00002246 and $0.00001367.

Growing Bullish Metrics

Apart from the uptrend in prices, these meme coins have witnessed a significant surge in the number of large transactions from prominent investors in their respective ecosystems.

Data from crypto analytics platform IntoTheBlock indicates that SHIB has seen a 170.84% increase in its large transactions within 24 hours, amounting to $467.2 million traded. This surge was a result of 436 recorded transactions involving a total of 21.62 trillion Shiba Inu tokens.

PEPE has also experienced a notable rise, with large transactions surging by 127.87% to $174.07 million. Similar to SHIB, PEPE whales have engaged in 419 transactions exceeding $100,000 in value within a day. Notably, while SHIB recorded a trade of 21.62 trillion SHIB, PEPE managed 13.62 trillion tokens during the same period.

The similarity in the bullish metrics of both meme coins highlights their positive correlation, raising the question of whether whale activity can sustain the current growth in the long run.

Points of Divergence

The correlation within the meme coin space particularly favors PEPE, as it lacks significant internal fundamentals propelling its upward trend. This sets it apart from Shiba Inu, which boasts Shibarium, a burning campaign aimed at offering long-term value to its users.

Despite these distinctions, both Shiba Inu and PEPE are vying for supremacy, marking a longstanding competition between the two tokens.