In the ever-evolving landscape of cryptocurrencies, meme coins, particularly Dogecoin (DOGE) and Shiba Inu (SHIB), remain at the forefront of discussion. While their previous meteoric rise created overnight millionaires, the subsequent bear market saw them plummet almost 91.42% and 91.39% respectively from their all-time highs.
In recent weeks, the commendable resilience exhibited by these coins has been particularly noteworthy and significant. Despite DOGE’s current dominance in terms of holder count, SHIB has recently seen a surge in new investors. Moreover, while both coins experienced a stunning rise in the previous bull run, some analysts now hint at a less dramatic yet substantial performance in the upcoming cycle.
Altcoin Sherpa, a well-regarded crypto analyst, remains optimistic about the future of Dogecoin (DOGE) and Shiba Inu (SHIB). He acknowledged that Dogecoin and Shiba Inu’s Exponential Moving Averages (EMAs) appear healthier than before. However, he cautioned that these indicators alone might not predict a return to their peak values.
$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
Dogecoin’s holder count has remained relatively stable over the past month. This stability, while reassuring, doesn’t necessarily point towards a 2021-like explosion when DOGE saw a jump from $0.007 to $0.65 within months. Besides, while Shiba Inu lags behind in direct holder count, its recent investor influx has been notable.
Hence, an interesting dimension to this story emerges from whale behavior. According to Whalestats, a platform tracking large crypto holdings, SHIB ranks among the top 10 tokens held by Ethereum whales. Consequently, even if SHIB’s price action has been outperformed by DOGE recently, these significant holders’ stance seems to favor Shiba Inu.
Nevertheless, while SHIB’s position among Ethereum whale holdings is noteworthy, it doesn’t cement its place above DOGE in market cap terms. It simply indicates a prevailing trend among substantial investors.
Both DOGE and SHIB continue to generate interest, with each having its unique advantages and challenges. Whether they’ll mimic their 2021 performance remains to be seen. Shiba Inu is currently trading at $ 0.000008 while Dogecoin is currently trading at $0.06896. However, their continued relevance in market conversations suggests that they’re far from being written off.
