Crypto enthusiast Lark Davis recently highlighted on X that PEPE has outpaced both Dogecoin (DOGE) and Shiba Inu (SHIB) in daily trading volume. However, DOGE’s market cap remains nearly five times larger than PEPE’s. This discrepancy raises questions about PEPE’s valuation compared to its meme coin counterparts.

PEPE: Trading Volume Surge and Market Sentiment

PEPE’s price stands at $0.000007, with a 24-hour trading volume of $363,510,204. The coin has dropped roughly 3.5% over the past day, bringing its market cap to just shy of $3 billion. PEPE’s circulating supply is approximately 420.7 trillion coins, with a maximum supply of 420.7 trillion coins.

Recent data reveals a 37.27% drop in PEPE’s trading volume, suggesting reduced activity. Despite this, open interest has climbed by 4.67% to $86.02 million. This suggests that traders are opening more positions, anticipating future price movements. The 24-hour long/short ratio of 0.9459 indicates a slight market bias towards short positions.

Source: Coinglass

On the OKX exchange, however, the long/short ratio is 3.18, reflecting more bullish sentiment. Additionally, significant long position liquidations in recent hours hint at a bearish trend. Exchanges like Binance, OKX, Bybit, and Bitfinex lead in PEPE derivatives trading. The market sentiment remains cautious, with increased volatility and a tilt towards short positions.

Dogecoin: Mixed Signals in the Market

Dogecoin is currently priced at $0.097752, with a 24-hour trading volume of $449,548,302. The coin has decreased by 0.24% in the last 24 hours, resulting in a market cap of $14,255,621,261. Dogecoin has a circulating supply of 145,834,436,384 coins.

The Dogecoin derivatives market shows that trading volume has fallen by 30.42% to $706.09 million, while open interest has risen by 3.88% to $457.27 million. There has been an increase in options activity, with volume up 112.54% and open interest rising 16.64%.

Source: Coinglass

The long/short ratios across exchanges vary, showing a slight bearish tilt overall (0.9455). However, some exchanges reveal a preference for long positions. Liquidations of long positions total $877.41K over the past 24 hours. This mixed data indicates a market at a potential turning point, with both bullish and bearish signals present.

Shiba Inu: Reduced Market Activity

Shiba Inu is priced at $0.000013, with a 24-hour trading volume of $152,235,281. It has declined by 1.58% in the past 24 hours, leading to a market cap of $7,758,172,390. Shiba Inu’s circulating supply is 589,269,830,334,280 coins.

Source: Coinglass

Shiba Inu’s derivatives market showed decreased trading volume by 23.10% and reduced open interest by 10.42%. This reduction indicates lower market activity. The overall long/short ratio of 0.895 suggests a slightly bearish sentiment. Liquidation data shows more long positions being liquidated in shorter time frames.