Dogecoin vs Shiba Inu vs PEPE – How do top memecoins compare in investor profits

• PEPE saw an impressive +400% returns on a YTD basis, surpassing SHIB’s 24% and DOGE’s 10%
• PEPE appeared to be in a strong position to outperform DOGE and SHIB if market sentiment improves

Memecoins ruled the crypto markets and were among the top performers in H1 2024. The exceptional results in H1 attracted more memecoin investors looking for similar success. But how have they performed, especially as the market anticipates a rebound in Q4?

This analysis will compare investor profits in Dogecoin [DOGE], Shiba Inu [SHIB], and Pepe [PEPE].

DOGE vs. SHIB vs. PEPE profits

Source: DOGE vs. SHIB vs PEPE performance (TradingView)

On a YTD (year-to-date) basis, PEPE outperformed the two established memecoins, DOGE and SHIB. PEPE surged over 400% compared to 24% and 10% for SHIB and DOGE, respectively.

However, in Q3, market downturns hit PEPE harder than SHIB and DOGE. PEPE dropped by 35% while SHIB saw a 22% decline. During the same period, DOGE experienced a relatively smaller decrease at 17%.

Source: DOGE vs. SHIB vs PEPE performance (TradingView)

In summary, PEPE exhibited more volatility than DOGE and SHIB as it surged higher and dropped more significantly.

Memecoin valuations and potential recovery

Based on Sentiment’s MVRV (Market Value to Realized Value), investors holding the memecoins in the past three months had unrealized losses.

Source: Santiment

The negative MVRV readings indicated that the memecoins were undervalued and discounted. This raises the question – Which memecoin might be best positioned for a potential significant upside?

The daily price charts suggested that SHIB and DOGE had erased most of their yearly gains and retraced to near March levels.

Conversely, PEPE was holding firm above the Q2/Q3 support level despite the market downturns.

Source: DOGE vs PEPE market structure (TradingView)

By holding its Q2 support, PEPE could be best positioned for a more robust and substantial recovery compared to DOGE and SHIB, especially if market sentiment improves.

If this scenario unfolds, PEPE investors may continue to outshine their DOGE and SHIB counterparts. However, it’s worth noting that the frog-themed memecoin also experienced more significant drops during market drawdowns.

In conclusion, PEPE investors have enjoyed better returns than their DOGE and SHIB peers on a YTD basis. PEPE surged over 400%, outperforming SHIB by 40x and DOGE by more than 15x.

From a market structure perspective, PEPE seemed well-positioned for a stronger recovery after defending the crucial Q2/Q3 support zone, unlike DOGE and SHIB, which retraced to their March levels.