Dogecoin vs Shiba Inu: Battle of the Memecoins in June

  • Wow, Dogecoin and Shiba Inu were neck and neck in terms of performance!
  • Shiba Inu seemed stuck, while Dogecoin might present some risks for short-term investors.

Hey there, fellow crypto enthusiasts! The memecoin market took a bit of a tumble this past week, partly due to Bitcoin’s hesitation to break the $70k barrier.

Data from CoinMarketCap showed that only dogwifhat [WIF] managed positive gains among the top five memecoins by market cap over the last week.

Despite similarities in price performance between Dogecoin [DOGE] and Shiba Inu [SHIB], the latter was trading within a set range. DOGE has seen more ups and downs in May but has been on a slight upward trend overall.

Looking ahead to June, which coin do you think will come out on top?

A Closer Look at Social Engagement

DOGE SHIB Social Santiment

Source: Santiment

The sentiments from social media could indicate whether the overall tone was optimistic or negative. Over a 3-day interval, DOGE and SHIB had sentiment scores of -0.72 and -0.74, suggesting a similar bearish sentiment.

But when we delve deeper, it appears that Dogecoin has been consistently bearish since April, while Shiba Inu has seen more positive trends in the past two months. This could be due to Dogecoin’s higher volatility.

DOGE’s social dominance stood at 0.927% compared to SHIB’s 0.339%, reflecting DOGE’s longstanding presence in the meme coin world.

Is Dogecoin Heading for a Bumpy Ride?

DOGE SHIB SantimentDOGE SHIB Santiment

Source: Santiment

On May 30th, a surge in dormant DOGE circulation hinted at increased selling pressure in the market.

Despite a minor 3% dip in prices shortly after, a recovery seemed underway at the time of writing.

Keep an eye out for a potential selling wave, though!

Conversely, Shiba Inu experienced less on-chain token movement recently, indicating a stronger commitment among holders.

When comparing MVRV ratios, DOGE showed more negative performance in the past six weeks than SHIB, leading to higher losses for DOGE holders, especially in early May.

Currently, SHIB holders are facing larger unrealized losses in the market.

Ready or not, here’s DOGE’s market cap in BTC’s terms!

While social metrics appear similar, the MVRV ratios suggest DOGE holders are more inclined to sell as the metric exceeds zero.

Combined with the recent circulation spike, it seems Dogecoin may face greater volatility compared to Shiba Inu.

Next: Will Bitcoin’s $14 billion dip jeopardize its price surge?

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