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

• PEPE was up +400% returns on a YTD basis, dwarfing SHIB’s 24% and DOGE’s 10%
• PEPE seemed well-positioned to outperform DOGE and SHIB if market sentiment improves

Memecoins dominated the crypto markets and were among the top performers in H1 2024. The remarkable H1 results attracted more memecoin investors seeking a similar windfall. But how have they fared, especially as the market anticipates an overall rebound in Q4? 

This report will evaluate how investor profits across Dogecoin [DOGE], Shiba Inu [SHIB], and Pepe [PEPE] compare.

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 legacy memecoins, DOGE and SHIB. The frog-themed PEPE was up over 400% against 24% and 10% for SHIB and DOGE, respectively. 

However, in Q3, the market drawdowns plunged PEPE harder than SHIB and DOGE. PEPE declined by 35% compared to SHIB’s 22% drop. Over the same period, DOGE posted a relatively lower drop at 17%. 

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

In short, PEPE was more volatile than DOGE and SHIB as it pumped higher and dropped harder. 

Memecoin valuations and recovery potential

According to Sentiment’s MVRV (Market Value to Realized Value), all investors who held the memecoins over the past three months had unrealized losses. 

Source: Santiment

The negative reading on the MVRV also meant that the memecoins were grossly undervalued and relatively discounted. Hence, the question – Which memecoin may be best positioned for a possible explosive upside? 

Well, the daily price charts indicated that SHIB and DOGE erased most of their yearly gains and retraced near March levels. 

On the contrary, PEPE was holding steady above the Q2/Q3 support level despite the market drawdowns. 

Source: DOGE vs PEPE market structure (TradingView)

By defending its Q2 support, PEPE may be best primed for a more explosive and stronger recovery than DOGE and SHIB. Especially if market sentiment improves. 

If so, PEPE investors could still dominate and outperform their DOGE and SHIB colleagues. That being said, the frog-themed memecoin also dropped harder during drawdowns. 

In conclusion, PEPE investors have seen better returns than their DOGE and SHIB counterparts on a YTD basis. PEPE was up over 400%, 40x against SHIB, and more than 15x DOGE’s returns. 

From a market structure perspective, PEPE seemed well-positioned for a stronger recovery after defending the key Q2/Q3 support zone. Unlike DOGE and SHIB, with both down to their March levels.