Dogecoin vs Shiba Inu: Which meme is winning in the current market?
- The prices of SHIB and DOGE went up by 11% and 10% in the last 24 hours, respectively.
- However, their RSIs entered overbought positions.
Dogecoin [DOGE] has remained the leader in the meme coin ecosystem for years now. Despite that being the case, during the latest bull rally, DOGE fell behind Shiba Inu [SHIB], the second most popular meme coin.
Read Dogecoin’s [DOGE] Price Prediction 2023-24
However, it was interesting to note that both meme coins were able to capitalize on the bull market, as they managed to lift their values substantially over the last few days.
Shiba Inu outperforms Dogecoin
Crypto Dep, a popular X (formerly Twitter) handle, recently posted a tweet highlighting the social performance of the top meme coins. Notably, SHIB ranked number one on the list, followed by DOGE. Pepecoin [PEPE], FLOKI, and QUACK completed the top five of the list.
— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) October 25, 2023
As per the tweet, while DOGE’s social engagement was at 35.1 million, SHIB’s metric touched 56 million. Moreover, SHIB and DOGE’s social mentions were 3.12k and 1.35k, respectively. This clearly reflected that Shiba Inu dominated Dogecoin on the social front at press time.
However, despite high social engagement, the bearish sentiments of both tokens increased by more than 50% at the time of writing, as per LunarCrush. Surprisingly, their Altrank improved, which is considered a bullish signal.
How did DOGE and SHIB fare in the bull market?
Even as the bearish sentiments of both meme coins increased, their charts remained in the green.
For example, DOGE’s price rose by more than 10% in just the last 24 hours. At press time, it was trading at $0.07235 with a market cap of $10.2 billion. DOGE’s volume also surged by over 50% in the last 24 hours.
A look at DOGE’s daily chart suggested that the uptrend might soon come to an end. The token’s price touched the Bollinger Bands’ upper limit at press time. Moreover, its Relative Strength Index (RSI) also entered the overbought zone – a sign of increasing sell pressure.
Like DOGE, Shiba Inu’s performance was also impressive. Notably, its value surged by more than 11% in the last 24 hours. At the time of writing, SHIB was trading at $0.000008129 with a market cap of $4.7 billion.
Is your portfolio green? Check out the SHIB Profit Calculator
CryptoQuant’s data revealed that SHIB’s exchange reserve was decreasing at press time, meaning that selling pressure on the meme coin was low. Other bullish metrics were its active addresses and transfer volume.
The token’s RSI also flashed concerning signals as it entered the overbought zone.