The meme coin market seems to be cooling down after its recent rebound, but on-chain activity around Pepe and Shiba Inu is different. While prices are still below their previous highs, the number of new wallets being added is slowly picking up and selling pressure is starting to ease, improving the sentiment for both PEPE and SHIB.
Both meme coins are still adding new holders, despite the ups and downs in the sector, a trend that analysts see as a sign that retail investors are getting back into the market.
In the past two weeks, PEPE added over 1,500 new wallet addresses and SHIB’s total number of holders climbed to 1.585 million.
PEPE and SHIB Holder Growth Is Strengthening Market Sentiment
Recent blockchain data shows that both meme coins are quietly building up their user bases even as speculative trading activity slows compared with earlier market rallies.
According to Etherscan data, PEPE’s total number of holders went up above 553,000, after adding more than 1,500 wallets in just two weeks.
The whales are still in charge when it comes to PEPE trading, controlling around 90% of the total market capitalization, despite representing just 0.11% of holders. The shark wallets make up around 5% of the supply, representing roughly 0.53% of addresses.
SHIB is showing a similar trend.
Shiba Inu’s holder count increased from approximately 1.583 million to 1.585 million during the same period.
Large holders are still in charge of the supply structure when it comes to SHIB too, with whales controlling around 95% of the circulating supply.
However, smaller wallets remain active, in fact addresses holding between $1,000 and $10,000 worth of SHIB now control slightly more supply than those holding $10,000 to $100,000.
The gradual growth of these wallets suggests that a lot of traders may still be holding on to their meme coins even during this consolidation period.
PEPE’s Technical Setup Points to a Critical Retest Zone
From a technical perspective, PEPE recently broke above a descending trendline before going back down towards the breakout area.
This has changed traders’ outlook as to whether the token can hold its ground during the current retest phase.
According to latest chart analysis, PEPE is still above the Ichimoku Cloud, which is now aligned closely with the breakout region. Analysts are saying that the major support zone is near $0.00000371, although if marriage pressure gets worse, the $0.00000300 range could come into view.
Momentum indicators are also interesting.
PEPE’s Stochastic Momentum Index has just reportedly entered into oversold territory with a reading near 68. Reading at those levels often means a price reversal is just around the corner, although analysts caution that reversals may not happen immediately during weak market conditions.
Beyond the charts , trading activity around PEPE is still high, much higher than other competing meme coins.
Recent market data showed PEPE recording stronger daily trading volume than SHIB despite having a smaller overall market capitalization.
That trading activity has fueled growing speculation among traders about the possibility of PEPE continuing to make gains within the meme coin hierarchy if another crypto rally comes along later in 2026.
Online crypto communities are also increasingly discussing the possibility of PEPE eventually overtaking SHIB in market cap during a future bull run, although opinions remain sharply divided.
SHIB Selling Pressure Weakens as Bulls Defend Support
Shiba Inu’s chart has finally started to stabilize after months of heavy selling pressure.
The token is making its way to a resistance level that traders agree is a make-or-break line. At the same time, on-chain selling activity has declined sharply.
According to the latest data from Cumulative Volume Delta, SHIB’s selling pressure dropped off from 437 billion tokens to around 37 billion.
That suggests that aggressive sell-side activity is cooling even if the bulls haven’t yet fully returned.
Unlike PEPE, SHIB also benefits from an ecosystem narrative that goes beyond just the meme coin hype.
The Shibarium Layer-2 network has recently hit some major milestones, reinforcing long-term community engagement around the project.
Data from CoinStats shows SHIB maintaining one of the largest holder communities in crypto while continuing to expand its ecosystem through Shibarium, ShibaSwap, governance tools, and metaverse initiatives.
Still, analysts are pointing out that even if ecosystem growth is good, it may not automatically translate into higher prices if the wider meme coin market loses its steam.
For the SHIB bulls , defending the support structure is important, if they can pull off a successful retest, they may be able to build on the breakout momentum , but rejection near resistance would likely invalidate the recovery setup.
Meme Coin Activity Is Starting To Recover
The improving sentiment around PEPE and SHIB is also being matched by modest recovery in the meme coin sector.
Recent data shows that meme coin trading volume has gone up by about 26% over the last 30 days and traders exchanged around $3 billion across assets including PEPE, FLOKI and SHIB.
The number of active wallet addresses in the sector also went up by around 7% , which suggests that retail traders are slowly coming back after several months of quiet activity.
However, the sector still has a lot of work to do.
Most meme coins are still trading more than 60% below their fully diluted valuations , which is a reminder of how far the market still is from previous speculative peaks.
That disconnect between the improving participation metrics and the weak prices explains why analysts are still being cautious despite recent holder growth.
The market is in a transition phase where traders are getting more interested but their conviction is still low.
If PEPE and SHIB can both hold their retest lines while the overall crypto market sentiment improves, there might be another recovery wave later this year. Failure to defend support levels, however, would likely send both assets back into extended consolidation.
Conclusion
PEPE and SHIB sentiment has been looking up the past few weeks as these two meme coins keep attracting new holders even though the rest of the market is flat.
PEPE’s wallet count is expanding fast, the momentum indicators are oversold and the trading volume is picking up, all of which have traders thinking a rebound might be just around the corner.
Meanwhile SHIB is getting a lift from selling pressure easing up and its Shibarium ecosystem which keeps on growing.
Still, the market is in a critical situation.
Both of these meme coins are now testing critical levels where they could either break out into upward momentum or slide back into sideways trading.
Glossary
Ichimoku Cloud: A technical indicator that can help identify support, resistance, and momentum trends.
Whales: Big players who own a huge portion of a token’s total supply.
CVD (Cumulative Volume Delta): This tracks the difference between all the buying and selling pressure going on in the market .
Fully Diluted Valuation (FDV): A token’s projected market capitalization if all supply were circulating.
Frequently Asked Questions About PEPE and SHIB
Why are traders keeping an eye on PEPE and SHIB holder growth?
Growing wallet counts often point to rising retail participation and early accumulation during market consolidation phases.
What is the current number of PEPE holders?
Recently, PEPE surpassed 553,000 wallet holders after adding on more than 1,500 addressees in two weeks.
Why is SHIB’s selling pressure important?
Declining sell-side activity can reduce downward momentum and improve the chances of a price recovery.
What technical level are traders watching for PEPE right now?
Analysts are watching to see if PEPE can break out of that support level right around $0.00000371.
References
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
For advertising inquiries, please email . [email protected] or Telegram
