London-based cryptocurrency trading company and liquidity provider Wintermute has made a surprising change to its portfolio. The company, which has focused on the Shiba Inu (SHIB) until today, is changing the balance with its latest acquisitions.
Shiba Inu (SHIB) is now second in Wintermute portfolio
The latest reports suggest that Wintermute is a huge Lido (LDO) fan. The company has allocated the largest portion of its portfolio to LDO with 17%. Gala (GALA), dydx (DYDX) and Polygon (MATIC), other major investments.
By the way, let’s mention that Wintermute has been focusing on Pepe (PEPE) lately. The company, which is also a liquidity provider, included a large amount of Pepe in its portfolio during the last rally.
Jason Cline, a well-known crypto commentator, says that this backlog currently outpaces the Shiba Inu.
Wintermute focuses on Pepe
Crypto analyst Jason Cline reports that Wintermute has more PEPE than Shiba Inu (SHIB). Wintermute has been actively trading PEPE lately. The firm sold approximately $227,000 worth of PEPE. However, he soon began to collect some of them back.
https://twitter.com/Jclineshow/status/1660729492325961728
These moves reflect an evolving dynamic in the meme coin market. It shows that leading investors are effectively participating in the volatility of meme tokens. This change in Wintermute’s strategy paralleled the listing of PEPE on advanced exchanges like Bitfinex. The rally became unstoppable when he opened his listing on Binance soon after.
#Binance will list @pepecoineth $PEPE and @RealFlokiInu $FLOKI in the innovation zone.
➡️ https://t.co/yxcINj0whc pic.twitter.com/o4UTvWZkHj
— Binance (@binance) May 5, 2023
Pepe Coin effect
According to the Messari report dated May 20, Pepe’s latest unique rally has encouraged investors to turn to meme tokens again. However, there were reasons for this change in emotion. According to reports, PEPE was the fastest growing ERC-20 token in the market.
Tales of early @pepecoineth buyers getting rich off small initial investments have made it more attractive for the marginal user to speculate on other newly launched meme coins.
After $PEPE's first two weeks, we began to see material interest in other meme coins. pic.twitter.com/8eTQuvdnRD
— Messari (@MessariCrypto) May 19, 2023
This wasn’t just limited to the fast rush to $1 billion market capitalization. Instead, it took just 22 days for the number of investors to surpass the 100,000 milestone. Pepe took a much shorter time than the Shiba Inu to recreate such success.
Thus, it was clear that market participants were aware of the potential of PEPE earlier than any other meme, despite initial skepticism.
In the same report, Messari noted that since the rise of Dogecoin and SHIB in 2021, the familiarity of participants in the crypto market has also played into the rapid holder addition. This not only increased the popularity of PEPE, but also led to a growth in market value per owner, similar to SHIB. The same interest drove Ethereum’s gas fees to new highs in 2023.
Can PEPE replace SHIB and DOGE?
Pepe is currently trading at number 72 by market cap. In its current position, it has completed one of the most outstanding debuts of recent times. But could this momentum be enough to surpass Dogecoin and SHIB? As we quoted as Kriptokoin.com, Santiment proves that it is not possible with data.
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