- 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.
