In the past day, Shiba Inu (SHIB) saw its price rise by 4.07%, while Dogecoin (DOGE) recorded a smaller increase of 1.48%. This occurrence is quite rare in their trading history and has led to speculation about how these meme coins will perform in the future.
Some believe that SHIB might soon surpass DOGE in value, while others think it’s unlikely. Regardless, both cryptocurrencies are expected to remain the top two meme coins in terms of market capitalization.
Short-Term Outlook Analysis Based on IntoTheBlock Data
SHIB’s Address Metrics: When analyzing Shiba Inu (SHIB) using IntoTheBlock data, we focused on addresses categorized by the time tokens have been held. These metrics are divided into three groups: hodlers, cruisers, and traders. Hodlers are addresses that have held tokens for over a year, cruisers have held tokens between one and 12 months, and traders have held tokens for less than 30 days. For SHIB, traders decreased by 31.25%, cruisers increased by 5.86%, and hodlers saw a slight decline of -0.03%. This data suggests that SHIB may have significant short-term potential, with traders showing less speculative activity.
shib-addresses-by-time-held: Source – IntoTheBlock
DOGE’s Address Metrics: Similarly, when evaluating Dogecoin (DOGE), traders increased by 16.40% while hodlers rose by 1.96%. This composition indicates that investors are favoring DOGE over SHIB, as more traders are actively involved in DOGE, suggesting a preference for short-term trading strategies.
doge-traders-and-holders-increase: Source – IntoTheBlock
Long-Term Sentiment Analysis and Price Predictions
On a long-term basis, sentiment trends for Shiba Inu (SHIB) and Dogecoin (DOGE) appear similar, despite differences in ratios. Social dominance, which reflects the share of discussions about a cryptocurrency in the media, is a key indicator. As of the latest data, SHIB’s social dominance stood at 0.551%, while DOGE’s was slightly lower at 0.526%. Despite both experiencing declines, the proximity of these metrics suggests that attention towards both meme coins is nearly equal.
The decline in social dominance metrics could signal a potential price increase for both SHIB and DOGE. In the coming weeks, DOGE’s price could rise, with a target of reaching $0.17. Similarly, SHIB’s price might experience a jump, with a possible target of $0.000033.
shib-and-doge-social-dominance: Source – Santiment
In the short term, SHIB may pause its outperformance of DOGE, potentially leading both cryptocurrencies to move on a similar trajectory. Therefore, if DOGE’s price accelerates, SHIB may follow suit. Conversely, if SHIB’s price behaves differently, DOGE could also follow the same direction.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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