- In the metrics we compared, Dogecoin and Shiba Inu were roughly neck and neck.
- While Shiba Inu remains range bound, Dogecoin could pose risks for short term holders.
The meme coin market has fallen over the past week following Bitcoin’s decline. [BTC] It is hesitant to break out of the $70,000 resistance.
CoinMarketCap According to the data, only dogwifhat [WIF] Price performance was positive This week It is a meme coin that is in the top 5 by market cap.
Dogecoin [DOGE] Shiba Inu [SHIB] Similar price movements were observed, with the latter trading within a range, while the former was volatile in May but has since stabilized slightly and is trending higher.
Heading into June, which tokens are likely to see better returns?
Comparing social metrics
sauce: Santiment
Weighted sentiment indicates whether social media engagement is biased towards bullish or bearish. The values for the 3-day interval for DOGE and SHIB were -0.72 and -0.74 respectively, indicating that engagement is similarly bearish for both coins.
However, looking at the trends, we can see that Dogecoin has been consistently bearish since April, while Shiba Inu has been more frequently positive over the past two months, which may be due to Dogecoin’s higher volatility.
DOGE’s social dominance was 0.927% and SHIB’s was 0.339%. This makes sense as Dogecoin has been the face of the meme coin sector for many years.
According to this metric, Dogecoin may experience more volatility in the near future.
sauce: Santiment
On May 30, there was a significant increase in dormant DOGE in circulation, indicating a large amount of tokens moving between wallets and is generally a sign of selling pressure.
DOGE price has only fallen 3% since then and is currently recovering as of writing.
However, there are concerns that a wave of selling could occur.
Meanwhile, Shiba Inu has seen a decline in tokens moving on-chain over the past two months, highlighting a strengthening HODL mentality.
Comparing the MVRV ratios, we can see that DOGE has been more negative than SHIB over the past six weeks, which means that DOGE holders faced heavy losses especially in early May.
At the time of writing, SHIB holders were facing larger unrealized losses.
Realistic or not, the market cap of DOGE in terms of BTC would be:
Overall, the social metrics were very similar: MVRV ratios indicated that DOGE holders were more willing to sell when the metric rose above zero.
Combined with a surge in dormant circulation, Dogecoin could exhibit greater volatility than a Shiba Inu.
