- Interest in DOGE was more than SHIB in the last 30 days.
Social dominance was almost equal, indicating a solid correlation.
As an analyst with a background in cryptocurrency research and market analysis, I have closely monitored the performance of Dogecoin (DOGE) and Shiba Inu (SHIB) over the past 30 days. Based on the available data, my observation is that there has been more interest in DOGE than SHIB during this period. However, their social dominance was almost equal, indicating a solid correlation between them.
As a crypto investor, I’ve observed some intriguing price movements over the past day. Shiba Inu (SHIB) saw a noteworthy gain of 4.07%, while Dogecoin (DOGE) experienced a more modest increase of 1.48%.
scarcely occurred during this market trend, raising concerns about the future prospects of meme coins.
Some individuals believe that Shiba Inu (SHIB) could surpass Dogecoin (DOGE) in value soon, while others in the market think this is an unlikely scenario. Regardless of which coin comes out on top, both SHIB and DOGE are expected to maintain their positions as the leading meme coins by market capitalization within the cryptocurrency sphere.
HODLers prefer DOGE over SHIB
Instead of asking “But what does the short-term outlook offer?” you could ask “What insights can we gain from analyzing the short-term perspective using data from IntoTheBlock?”
As an analyst, I would describe this metric by saying: I break down this metric into three distinct groups: cruisers, holders, and traders. The holders are identified as the addresses that have held onto their tokens for over a year.
Cruisers are those who have owned a cryptocurrency between one and 12 months.
In summary, traders, defined as those who have held Shiba Inu coins for fewer than 30 days, have decreased by 31.25%. Conversely, the cruiser group, representing investors with a holding period between 30 and 6 months, experienced a growth of 5.86%. Unfortunately, hodlers, or long-term investors with a holding period of more than 6 months, saw a negligible decline of -0.03%.
Based on the information available, it appears that Shib may hold significant short-term growth prospects. Consequently, traders are actively engaging in this market, not merely through speculation or seeking to profit from price fluctuations.
In the case of DOGE, there was a 16.40% surge in trading activity, and the number of hodlers grew by 1.96%. This trend appears to have attracted more investors towards DOGE compared to SHIB.
Prices may follow each other
As a long-term crypto investor, I’ve noticed that the general feeling towards different cryptocurrencies remains consistent when examining their ratio differences. However, if we shift our perspective, let’s explore each digital asset’s social dominance according to AMBCrypto’s analysis.
As a crypto investor, I keep an eye on various metrics that can provide insights into the popularity and sentiment towards different digital currencies. One such metric is social dominance. This refers to the proportion of cryptocurrency-related conversations occurring in the media each month, as calculated by Santiment.
As of this writing, SHIB’s social dominance was 0.551%. The metric, on DOGE’s side, was 0.526%.
The two declines were relatively similar in size according to the metric, indicating that the meme coin received nearly equal levels of attention.
As a crypto investor, I’ve observed that when the metric indicating the price trend takes a dip, it could potentially be a promising sign for an upcoming price surge. Based on this observation, I believe the price of DOGE may experience a significant increase in the coming weeks. In fact, a possible target for DOGE’s price rise could reach as high as $0.17.
Likewise, SHIB’s price might also jump, and targeting $0.000033 could be possible.
Realistic or not, here’s SHIB’s market cap in DOGE terms
As a researcher studying the short-term trends of Shiba Inu (SHIB) and Dogecoin (DOGE), I’ve come across some intriguing insights from AMBCrypto’s analysis. It seems that these cryptocurrencies might begin to perform comparably, with SHIB potentially losing its edge over DOGE for now.
If DOGE‘s price surge continues, SHIB may experience the same trend. Conversely, if SHIB’s price moves in a different direction, DOGE could potentially follow suit.
Read More
- DOGS PREDICTION. DOGS cryptocurrency
- SQR PREDICTION. SQR cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- KNINE PREDICTION. KNINE cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- UXLINK PREDICTION. UXLINK cryptocurrency
- METIS PREDICTION. METIS cryptocurrency
- CLOUD PREDICTION. CLOUD cryptocurrency
- STG PREDICTION. STG cryptocurrency
- USD HKD PREDICTION
2024-05-14 05:11