- Shiba Inu and FLOKI both saw accumulation amidst negative social media sentiment
The selling pressure behind Shiba Inu was not intense in the past six weeks
As a crypto investor with some experience in analyzing meme coins, I’ve been keeping an eye on Shiba Inu (SHIB) and Floki (FLOKI). Both tokens have seen accumulation phases amidst negative social media sentiment. However, the selling pressure behind SHIB was not as intense in the past six weeks compared to FLOKI.
Shiba Inu [SHIB] and Floki [FLOKI] were unable to keep pace with the gains of Pepe [PEPE].
As a crypto investor, I’ve been closely monitoring the PEPE token, and I must admit, its technical outlook is quite bullish. At the current moment, this token is creating quite a buzz in the community, as evidenced by its prominent position on CoinMarketCap. The daily trading volume for PEPE stands impressively high at $611 million.
By examining the on-chain data for Shiba Inu (SHIB) and Floki Inu (FLOKI), AMBCrypto aims to determine if these cryptocurrencies are poised for a bullish trend in the near future.
From my perspective as a researcher studying the meme coin market, the current situation does not seem promising for their growth without Bitcoin [BTC] experiencing a bullish trend first.
Both memes saw an accumulation phase
I’ve observed a downward price trend for both FLOKI and SHIB since mid-March; however, this bearishness became noticeable to me around early April.
During the price correction, the previously set support levels were unable to prevent further decline. Consequently, the MVRV ratio dipped significantly into negative figures around mid-April.
As a financial analyst, I’ve observed that at the current moment, the MVRV (Money-Weighted Average Value) ratio for SHIB remains underwater, while FLOKI holds a positive MVRV ratio of 0.54%. This signifies that investors in FLOKI have been enjoying slight profits on their holdings.
Additionally, the average age of coins in the FLOKI circulation has been increasing over the past two weeks. Conversely, SHIB has seen more significant price growth since mid-March, indicating increased buying activity and potential accumulation.
Based on current token prices and the near-zero or negative Market Value Realized Values (MVRV), it appears to be an opportune moment for purchases. However, let’s explore what social metrics can tell us about market sentiment. What insights do these metrics provide regarding public perception towards the tokens?
Social media engagement remained bearish
Over the past three days, the sentiment analysis of the tokens indicated a negative weight, suggesting that social media engagement towards the topic was predominantly pessimistic. Nevertheless, there’s been a persistent and significant wave of negativity surrounding FLOKI since late March.
On the other hand, SHIB has been slightly positive in the latter half of April.
The dormant circulation may provide clarification on certain uncertainties. Those optimistic about FLOKI‘s future might find the repeated surge of this indicator during the previous six weeks disheartening.
It indicated sizeable amounts of the token moving on-chain, likely for selling.
Realistic or not, here’s SHIB’s market cap in BTC’s terms
In contrast, SHIB‘s circulation had been fairly calm since mid-March. The most noteworthy surge occurred on April 19th, instigated by holders taking advantage of a 6% increase to cash out their gains.
As an analyst, I have examined the on-chain data for both Shiba Inu (SHIB) and Floki Inu (FLOKI), and while there were similarities in some metrics, I identified key differences that suggest SHIB could be more primed for a potential recovery.
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2024-05-13 11:04