Shiba Inu (SHIB) Threatens DOGE Flip: Who’s Got the Edge?

The meme coin showdown returns with SHIB & DOGE competing for social dominance as other factors come into play.

Superhero Shib and Doge flying through digital sky.
Created by Kornelija Poderskytė from DailyCoin
  • 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.

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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.

SHIB key metrics.

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).

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.