- Shiba Inu and FLOKI both felt the build-up amidst the negative sentiment on social media
- Over the past six weeks, selling pressure on Shiba Inu has not been strong.
Shiba Inu [SHIB] and floki [FLOKI] I couldn’t keep up with Pepe’s growth. [PEPE].
The PEPE token had a very bullish technical bias and was trending. coin market cap At the time of writing, the daily trading volume was $611 million.
AMBCrypto analyzed on-chain metrics for both SHIB and FLOKI to understand if they are likely to embark on a bullish trajectory in the near future.
As it stands, there doesn’t seem to be much hope for either meme coin, unless it’s Bitcoin. [BTC] You can turn on the uptrend.
Both memes showed an accumulation phase.
sauce: Santimento
The price trend for FLOKI and SHIB has been bearish since mid-March, but this only became apparent in early April.
The support level established during the retracement was not defended. This caused his MVRV ratio to drop significantly into negative territory through his mid-April.
At the time of writing, SHIB’s MVRV ratio was still negative, while FLOKI’s was +0.54%. This means that the holders of the latter tokens made a small profit.
In addition to that, FLOKI’s average coin age has been trending upward over the past two weeks. As for SHIB, it has trended significantly higher since mid-March, a stronger sign of accumulation.
Given near-zero or negative MVRV values and the increasing average age of the coins, both tokens offer buying opportunities. What do social metrics reveal about market perception?
Social media engagement remains weak
sauce: Santimento
The weighted sentiment for both tokens over a three-day period is negative, indicating more bearish social media engagement. However, FLOKI has been consistently significantly negative since his late March.
On the other hand, SHIB has been slightly positive since the second half of April.
Dormant cycles may help answer some questions. Investors who are bullish on FLOKI won’t be encouraged by seeing the index soar multiple times over the past six weeks.
It indicated that there was a significant amount of tokens moving on-chain that were likely to be sold.
Whether it’s realistic or not, SHIB’s market capitalization in BTC terms is as follows:
Conversely, SHIB’s dormant circulation has been relatively quiet since mid-March. The last significant spike was on April 19th, when holders took advantage of the 6% bounce to profit.
Overall, the on-chain metrics for SHIB and FLOKI were similar. However, the coin’s average age, dormant circulation, and weighted sentiment showed that Shiba Inu may be more poised for a recovery than his FLOKI.
