• 26 May, 2024
News

Shiba Inu (SHIB) and Floki (FLOKI) Struggle Amid Pepe (PEPE) Surge

In recent trends, Shiba Inu (SHIB) and Floki (FLOKI) have faced challenges in keeping pace with the gains seen in Pepe (PEPE) tokens. 

According to data from CoinMarketCap, SHIB is priced at $0.00002388 at press time, with a 9.92% increase in the last 24 hours and a slight raise of 0.67% over the past 7 days. SHIB’s market cap stands at $14,065,719,993, with a circulating supply of 590 trillion tokens.

Meanwhile, FLOKI is priced at $0.0001958, witnessing a 21.70% increase in the last 24 hours and a 10% surge in the past 7 days. Its market cap is $1,872,755,885, with a circulating supply of 9.7 trillion FLOKI.

In contrast, Pepe (PEPE) shows a bullish trend, with a price of $0.00001035 and a 23.15%  increase in the last 24 hours. Its market cap stood at $4,334,434,457 during reporting, with a circulating supply of 420 trillion PEPE.

The performance of SHIB and FLOKI has been bearish since mid-March, becoming more apparent in early April. Despite attempts to establish support levels during retracement, the MVRV ratio for both tokens plunged into negative territory by mid-April, according to Santiment. Currently, SHIB’s MVRV ratio remains negative, while FLOKI’s is at +0.54%, indicating slight profitability for its holders.

Source: Santiment

The mean coin age of FLOKI has trended upward in the past two weeks, suggesting accumulation. Conversely, SHIB’s mean coin age has shown a stronger upward trend since mid-March. Social media engagement, measured by Weighted Sentiment, has been negative for both tokens on a 3-day interval, with FLOKI consistently showing heavy negativity since late March. However, SHIB has shown slight positivity in the latter half of April.

The dormant circulation of both tokens could influence investor sentiment. Notably, FLOKI’s dormant circulation has seen numerous spikes in the past six weeks, indicating significant on-chain movement, likely for selling purposes.

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