Pepe Coin became the most discussed cryptocurrency on social media in July, beating Bitcoin and Ethereum. The meme currency is the darling of investors, as they believe it could replicate Dogecoin and Shiba Inu’s success. However, the social media mentions for July could most likely be negative, as the token relentlessly dipped last month. Nonetheless, any promotion is good promotion for meme coins, as it reaches a broader set of audiences on digital media platforms. Pepe Coin fell nearly 20% in the last 30 days and is also on a downward streak in August.
Pepe Coin Tops Bitcoin and Ethereum
Source: Finbold.com
The new-kid-on-the-block Pepe Coin beat Bitcoin and Ethereum on social media mentions last month. On-chain analysis firm ICO Analytics published a report showing Pepe dominating all social media mentions at 10%. Bitcoin came in a close second at 9.3% while Ethereum came third at 8.2% of all digital media mentions.
New entrants made it to the top 5 with Arbitrum (ARB) taking the fourth place at 6.2% while XRP grabbed the fifth spot at 6.1%. The Ripple win against the SEC unleashed a flurry of mentions bringing XRP under the top 5.
Surprisingly, both Dogecoin and Shiba Inu are out of the top 10 mentions on social media. The two dog-themed cryptocurrencies dominated the social space previously but are now seated at the 14th and 16th spots, respectively. While Dogecoin came in 14th with 2.3% mentions, Shiba Inu fell to 16th with 2.1% mentions.
Top 20 most discussed cryptocurrencies on Twitter in July 2023. In the chart below you can find a share of mentions of each coin among top 150 coins by market cap.$pepe $btc $eth $arb $xrp $inj $sol $bnb $link $ltc $ape $ldo $op $doge $leo $shib $ftm $matic $usdt $ada pic.twitter.com/z8ZsVI2Nmv
— ICO Analytics #StandWithUkraine 🇺🇦 (@ICO_Analytics) August 7, 2023
This is the lowest that Dogecoin and Shiba Inu fell to last month, as the duo had double-digit mentions previously. The drastic price decline is the sole reason investors are no longer interested in DOGE and SHIB. The development also indicated the changing behavior of investors and their ability to drop tokens that financially do not serve a long-term purpose.