As meme coin trading volumes rise, Shiba Inu and PEPE are drawing analysts' attention, who suggest the potential for new historical highs. Analysis of factors influencing the current growth.
Shiba Inu: Layer-2 Catalyst and Supply Burn
The current SHIB price is around $0.000012, with daily trading volume holding steady around $136 million. Two main factors underlie bullish calls: Shibarium is processing over 820,000 transactions a day, and the community has burned over 6.4 billion SHIB in the past five weeks. Analyst Luc L remarked, "Every time Shibarium fees rise, we see an outsized burn event." If Shibarium usage continues to grow, some analysts are targeting a price of $0.000017 by May 2024.
PEPE: Whale Stacking and High-Beta Liquidity
PEPE trades at $0.000010 with a significant trading volume of $605 million in the last 24 hours. The whale-tracking platform Lookonchain flagged three fresh wallets buying 9 trillion PEPE (about $90 million) in late June, marking the largest single-day purchase since launch. Further, Bybit funding flipped positive for the first time since March, indicating the return of leveraged longs. Historical market-cap data shows that when PEPE’s share of total meme liquidity exceeds 30%, smaller meme tokens tend to lag, implying catch-up potential for PEPE.
Why Both Could Break Records Together
Market sentiment is turning risk-on again: traders are now putting the odds of a September U.S. rate cut at above 65%. Growing gas fees make Shibarium look attractive in comparison, while PEPE benefits from fresh meme liquidity that usually flows in during ETH rallies. Should Ethereum make another run at $5,000, both tokens could capitalize on the same volume burst that drove their major movements in 2023 and early 2024.
The analysis of current trends and factors driving the rise of meme coins Shiba Inu and PEPE suggests the possibility of further records if market sentiment remains optimistic.
