- Recent data suggests that despite Shiba Inu’s (SHIB) recent price increase, Dogecoin (DOGE) may still hold an advantage due to its holding patterns.
- While interest in DOGE has been higher than SHIB in the last 30 days, their social dominance is almost equal, indicating a balanced market attention.
- Despite the competition, both cryptocurrencies are expected to remain the top two meme coins in terms of market cap.
Explore the latest developments in the rivalry between Dogecoin and Shiba Inu, as holding patterns and market attention hint at the future performance of these popular meme coins.
DOGE vs SHIB: A Look at Holding Patterns
According to data from IntoTheBlock, the short-term outlook for DOGE and SHIB can be analyzed by looking at the addresses by time held. This metric is divided into three categories: cruisers (those who have owned a cryptocurrency between one and 12 months), hodlers (addresses that have owned tokens for more than a year), and traders (addresses that have held their coins for less than 30 days).
For SHIB, traders have decreased by 31.25%, cruisers increased by 5.86%, while hodlers fell by -0.03%. This suggests that SHIB might have great short-term potential as traders are not speculating or trying to capitalize on price movements as much. On the other hand, for DOGE, traders increased by 16.40% while hodlers rose by 1.96%, indicating a preference for DOGE over SHIB.
Equal Social Dominance, Similar Price Movements
Another angle to consider is the social dominance of these cryptocurrencies, which refers to the share of discussions referring to a cryptocurrency in the media. As of this writing, SHIB’s social dominance was 0.551%, while DOGE’s was 0.526%. The closeness in the metric shows that the attention given to both meme coins is almost on the same level.
In terms of price, the decline in metric could signal a price increase. Thus, the price of DOGE could increase within the next few weeks, and a rise to $0.17 looks likely. Similarly, SHIB’s price might also jump, and targeting $0.000033 could be possible.
Conclusion
While SHIB might halt outperforming DOGE in the short term, both cryptocurrencies might start to move on the same pedestal. Therefore, if DOGE’s price increases, SHIB might do the same. Conversely, if SHIB’s price decreases, DOGE might follow in the same direction. Regardless of the outcome, both DOGE and SHIB are expected to remain the top two meme coins in terms of market cap.
