Pepe PEPE/USD and Shiba Inu SHIB/USD Notched Gains Despite Bitcoin BTC/USD Drop

Shiba Inu SHIB/USD and Pepe PEPE/USD notched sizable gains Tuesday even as the broader market sentiment was grim following Bitcoin's BTC/USD precipitous drop.

Shiba Inu (CRYPTO: SHIB) and Pepe (CRYPTO: PEPE) notched sizable gains on Tuesday even as the broader market sentiment was grim following Bitcoin's (BTC) precipitous drop.

What Happened: Frog-themed Pepe advanced over 6% in the last 24 hours, while the trading volume jumped 12.26% to cross over a billion dollars. Among meme coins with over a billion dollars in capitalization, Pepe saw the biggest gains.

Chandler, a well-known Pepe bull, noted that while the coin was down 70% from its highs, anyone buying the present dip would be up +800% in the next major retracement.

"So you bought $PEPE at the top and now you're down 70%. Okay, but have you tried buying now so during the next -70% you'll still be up 800%? 🐸Many $PEPE holders are still in profit today—not just because they were early, but also because they were buying when others weren't..."

Pointing to data from IntoTheBlock, which showed that about 34% of Pepe holders were in profit at the current price.

"Still in profit at today's price. Amazing considering the pump and dump narrative. I wonder what % of DEFI tokens can boast such an accomplishment at the moment."

Shiba Inu, another Ethereum (ETH)-based meme coin, appreciated by 4.12%, accompanied by a 16.83% surge in trading volumes. Solana (SOL)-based Bonk saw an increase of over 5%.

Meanwhile, Dogecoin (DOGE), the biggest meme coin in terms of market capitalization, showed a slight gain of 0.20%.

The total meme coin market cap rose by 2.44% to touch $58.37 billion in the last 24 hours, indicating a substantial recovery.

Meme coin gains contrasted with Bitcoin's weakness, with the flagship cryptocurrency dipping below the $86,000 level for the first time in over three months. Ethereum traded nearly flat at press time.

See More: Best Meme Coins To Buy Now

Pepe Price Action: Pepe was trading at $0.000001307 at press time, showing a rise of over 6% in the 24-hour period.

Shiba Inu Price Action: Shiba Inu traded at $0.000001567, showing an increase of 4.12% in the last 24 hours.

This article has been written by Benzinga and edited by TechCrunch.