- Shiba Inu flipped AVAX, TRON, and DOT amid an impressive March 2024 rally.
- Both canine coins are over 70% down from their all-time heights in 2021.
- The distance between SHIB & DOGE market capitalization is over $8B.
Meme coins are at the center of attention as Shiba Inu (SHIB) and Dogecoin (DOGE) have outperformed the largest digital assets since last week. As Shiba Inu embarked on a mini rally to restore support at $0.000024, DOGE inked 6.3% gains over the past 24 hours to trade above $0.15.
Based on the global market cap, DOGE is the top dog at $21.82 billion, while SHIB has a market capitalization of $12.96 billion.
These Key Metrics Are Paving the Way for SHIB
When considering if Shiba Inu can overtake Dogecoin by global market cap, large holder netflow is valuable insight. By definition, a large holder is someone who has at least 0.1% of the circulating coin supply. While SHIB’s large holder netflow increased by 124% over the past seven days, the 574% upswing in a 90-day timeframe proves that SHIB capitalized on March’s meme coin rally in more ways than DOGE.
In contrast, DOGE’s large holder netflow has slumped by 42% over the past three months despite a hefty increase in long-term investors. The long-term holder metric is not as favorable for SHIB, as the token had seen a 5.69% monthly increase in cruisers and traders who hold the token between 1 and 12 months.
A lower price correlation with Bitcoin (BTC) helped SHIB stay slightly in the green over the past seven days, in contrast to Dogecoin’s 3% weekly price drop. Equipped with a 0.89 price correlation with BTC, the leading asset’s plunge below $62,000 support has fiercely trimmed some of Dogecoin’s recent gains.
According to Bollinger Bands, a roller coaster for Shiba Inu and Dogecoin is expected to occur soon. This aligns with the widening range of the Bollinger Bands for both canine coins in the 4-hour charts, with both tokens sporting a similar Relative Strength Index (RSI).
On the Flipside
- Social dominance, celebrity endorsements, and new blockchain adoption cases can also play pivotal roles in Shiba Inu and Dogecoin prices.
- According to data from Santiment, the Shiba Inu coin’s social dominance metric was 0.55, while DOGE witnessed less social action with 0.52.
Why This Matters
Meme coins offer a light-hearted approach to blockchain technology, building a strong narrative alongside artificial intelligence (AI) and real-world asset tokenization (RWAs).
Check out DailyCoin’s trending crypto news:
Coinbase Suffers Critical Outage: Were Your Funds Safe?
Mark Cuban Blasts SEC Chair Gensler’s Hostile Crypto Probe
