- Interest in DOGE was more than SHIB in the last 30 days.
- Social dominance was almost equal, indicating a solid correlation.
Shiba Inu’s [SHIB] price increased by 4.07% in the last 24 hours, while Dogecoin [DOGE] produced a 1.48% hike within the same period.
This is something that has hardly happened this cycle and has prompted questions about the meme coins’ performance in the coming months.
For some, SHIB might flip DOGE soon. However, a larger part of the market thinks that it is impossible. Whatever the outcome, cryptocurrencies might remain the top two meme coins in terms of market cap.
HODLers prefer DOGE over SHIB
But what does the short-term outlook offer? To analyze this part, AMBCrypto evaluated data from IntoTheBlock. The first metric we looked at was the addresses by time held.
This metric is divided into three— cruisers, hodlers, and traders. hodlers are categorized as addresses that have owned tokens for more than a year.
Cruisers are those who have owned a cryptocurrency between one and 12 months.
Source: IntoTheBlock
Lastly, traders are addresses that have held their coins for less than 30 days. On SHIB’s end, traders have decreased by 31.25%. Cruisers increased by 5.86% while hodlers fell by -0.03%.
The inference from this data suggests that SHIB might have great short-term potential. As such, traders are not doing so much by speculating or trying to capitalize on price movements.
For DOGE, traders increased by 16.40% while hodlers rose by 1.96%. By looking closely at this composition, investors seem to go with DOGE outperforming SHIB.
Source: IntoTheBlock
Prices may follow each other
On a long-term basis, the sentiment is also similar, considering the difference in the ratios. Looking at the cryptocurrencies from another angle, AMBCrypto checked their respective social dominance.
Social dominance refers to the share of discussions referring to a cryptocurrency in the media. According to Santiment, this metric is calculated every month.
As of this writing, SHIB’s social dominance was 0.551%. The metric, on DOGE’s side, was 0.526%.
Both were declines, but the closeness in the metric showed that the attention given to the meme coin was almost on the same level.
In terms of the price, the decline in metric could be a good signal for a price increase. Thus, the price of DOGE could increase within the next few weeks, and a rise to $0.17 looks likely.
Likewise, SHIB’s price might also jump, and targeting $0.000033 could be possible.
Source: Santiment
Realistic or not, here’s SHIB’s market cap in DOGE terms
In the short term, SHIB might halt outperforming DOGE. From AMBCrypto’s analysis, the cryptocurrencies might start to move on the same pedestal.
Therefore, if DOGE’s price places its foot on the accelerator, SHIB might do the same. Also, if SHIB’s price does otherwise, DOGE might follow in the same direction.
