Analyzing Investment Potential: SHIB (Shiba Inu) vs FLOKI (Floki Inu) – The Battle of the Memecoins

  • Shiba Inu (SHIB) and FLOKI are two meme coins that have been in the spotlight recently, with both experiencing accumulation despite negative social media sentiment.
  • However, the selling pressure behind Shiba Inu has not been intense over the past six weeks, suggesting a possible advantage over FLOKI.
  • Despite this, both coins have been unable to match the gains of Pepe (PEPE), another meme coin that has seen a strongly bullish technical bias.

Shiba Inu and FLOKI are two meme coins that have been in the spotlight recently, with both experiencing accumulation despite negative social media sentiment. However, the selling pressure behind Shiba Inu has not been intense over the past six weeks, suggesting a possible advantage over FLOKI.

Accumulation Phase for Meme Coins

Both SHIB and FLOKI have seen a bearish price trend since mid-March, but this only became apparent in early April. Support levels established during the retracement were not defended, leading to a drop in the MVRV ratio into negative territory by mid-April. At the time of writing, SHIB’s MVRV ratio was still negative, while FLOKI was at +0.54%, indicating that holders of the latter were slightly at a profit. Additionally, the mean coin age of FLOKI has trended upward in the past two weeks, while for SHIB, it has strongly trended higher since mid-March, indicating a stronger sign of accumulation.

Social Media Sentiment Remains Bearish

The Weighted Sentiment of both tokens on a 3-day interval was negative, indicating that social media engagement was more bearish. However, FLOKI has been consistently and heavily negative since late March, while SHIB has been slightly positive in the latter half of April. The dormant circulation of SHIB has been relatively quiet since mid-March, with the last significant spike occurring on 19th April when holders used a 6% bounce to realize some profits.

Shiba Inu Poised for Recovery?

Overall, the on-chain metrics of SHIB and FLOKI were similar. However, the mean coin age, dormant circulation, and Weighted Sentiment suggest that Shiba Inu could be better poised for recovery than FLOKI. This analysis provides an in-depth look at the current state of these two meme coins and offers valuable insights for investors and traders alike.

Conclusion

In conclusion, while both SHIB and FLOKI have seen accumulation and bearish sentiment, Shiba Inu appears to be better positioned for a potential recovery. However, as with all investments, it is crucial to conduct thorough research and consider various factors before making a decision.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Michigan State Retirement Fund Invests $10 Million in Grayscale Ethereum Trust, Securing Major Stake

The Michigan State Retirement Fund has strategically positioned itself...

Grayscale Proposes Listing for Grayscale Digital Large Cap Fund (GDLC) as ETP with Bitcoin Dominating Holdings

On November 4, COINOTAG News reported that Grayscale has...

Fragmetric Completes Builder Round Financing to Enhance Solana Ecosystem Security and Liquidity

On November 4th, COINOTAG News reported that Fragmetric, a...

Vitalik Buterin Warns Against Exclusion of Russian Developers in Open Source Community

On November 4th, Vitalik Buterin, co-founder of Ethereum, took...

Bitcoin Volatility Soars Amid U.S. Election Impact on Crypto Markets

Bitcoin Volatility Surges as U.S. Election Heightens Stakes for...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img