PEPE May Have Greater Bullish Potential Than DOGE, But On-Chain Metrics Tell a Different Story

Dogecoin [DOGE] and PEPE were both down by close to 56% from the highs they made over the past six months

Dogecoin [DOGE] and PEPE were in the red, having fallen by 56% from their highs over the past six months. Now, while both have undertaken a similar retracement since, the path to this moment has been different.

Dogecoin saw a straightforward rally in February and March, and has since retraced beneath the 78.6% Fibonacci retracement level at $0.107.

On the other hand, PEPE halted its rally in March and rocketed higher in May, appearing to form two rallies. Measured from the base of the rally that began in February, it was only at its 61.8% Fibonacci retracement level.

This suggested that PEPE had greater bullish potential. But did the on-chain metrics offer any evidence to support this idea?

A closer look at the on-chain metrics

Dogecoin’s Mean Coin Age (180d) has seen a healthy uptrend since April. It began to slide lower over the past two weeks, but not significantly. Meanwhile, the dormant circulation saw a small hike on 30 August.

Together, they indicated a slight hike in selling pressure over the past few days. However, the Mean Dollar Invested Age continued to trend upwards, highlighting that DOGE may not be ready yet for a rally, Especially since newer coins haven’t re-entered circulation yet.

Source: Santiment

Meanwhile, PEPE’s Mean Coin Age saw a significant drop, accompanied by a notable jump in the dormant circulation. This showed a relatively bigger wave of sell pressure.

The MDIA was similar in its trajectory and an uptrend did not seem to be on the cards yet.

Examining the supply distribution trends

Dogecoin wallets with more than 1 million, and especially more than 10 million, were seen accumulating the memecoin since June.

While this was an encouraging sight, the 100 million and more wallet cohort sold some of their holdings since June.

Source: Santiment

On the contrary, PEPE holders’ behavior did not give such discernible signals. The 100 million PEPE holding cohort trended as cleanly higher as the smaller holders, while the next biggest holders were on a slow downtrend.

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