- The market structure of SHIB and DOGE looked ready to fly but a repeat of 2021’s performance remains unlikely.
- DOGE holders are more than SHIB’s despite the latter’s growth in the metric.
In the last bull market, Shiba Inu [SHIB] and Dogecoin [DOGE] were cryptocurrencies that took the crypto community by storm. These meme coins, relatively, given any significant attention prior to that time, were responsible for minting new millionaires.
Realistic or not, here’s SHIB’s market cap in DOGE terms
Despite the incredible performance the cryptocurrencies had, the bear market has ensured that their respective values are down badly. For example, Dogecoin is 91.42% down from its All-Time High (ATH). SHIB’s value, on the other hand, has decreased by 91.39% since it reached its highest price ever.
Can’t get back to the ATHs
Although some market players believe that the two are down and out, pseudonymous crypto analyst, Altcoin Sherpa did not seem to share the same view. According to Sherpa, DOGE and SHIB would continue to lead the meme narrative, even as the next bull cycle approaches.
He, however, noted that investors should slow down a 10x, 20x, 50x, and so on expectations they might.
$SHIB: Havent seen this chart in a while, looks meh to me. EMAs all healthier now but it’s been down only for a while. I’m guessing that this/DOGE will interchange with leading some meme narratives…but both of those will not have the returns that we have seen in previous yrs pic.twitter.com/MZTSV7mtiI
— Altcoin Sherpa (@AltcoinSherpa) October 27, 2023
From the post above, Sherpa admitted that the Exponential Moving Averages (EMAs) were healthier. He also pointed out the indicator was not convincing enough to put Shiba Inu and Dogecoin at the forefront of parabolic increases.
Looking at the possibility from an on-chain angle, it seemed that the analyst had a point. For instance, the total number of Dogecoin holders has remained almost the same over the last 30 days.
An interpretation of this tilts towards doubt that the coin’s long-term future would be similar to that of 2021. During this time, the DOGE price jumped from $0.007 to $0.65 in a matter of months.
Source: Santiment
SHIB still more attractive than DOGE
While DOGE had more holders than SHIB, the latter has been able to attract more investors within the last month. However, the growth registered was not as rapid when compared to the season SHIB went from $0.0000007 to $0.000067.
Recently, DOGE has been outperforming SHIB in terms of price action. However, Shiba Inu boasts of having more whale holdings than Dogecoin. This assertion was evident in the data provided by Whalestats.
According to the whale tracking platform, SHIB was in the top 10 tokens held by Ethereum [ETH] whales. This is no guarantee that the SHIB token would later flip DOGE’s market cap. However, it is a testament that the stance these large investors have favors SHIB over DOGE.
Is your portfolio green? Check the DOGE Profit Calculator
At press time, DOGE (blue) ranked as the eighth most valuable cryptocurrency market cap-wise. SHIB (red), with a market capitalization of $4.57 was 19th on the list.
Source: CoinMarketCap
