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SHIB, DOGE may not recreate previous returns- Here’s why

2min Read

Pseudonymous crypto analyst Altcoin Sherpa opined that DOGE and SHIB would continue to lead the meme narrative. But the analyst had some doubts that are addressed here.

Dogecoin and Shiba Inu news

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  • The market structure of SHIB and DOGE looked ready to fly but a repeat of 2021’s performance remains unlikely. 
  • DOGE holders are more than SHIB’s despite the latter’s growth in the metric.

In the last bull market, Shiba Inu [SHIB] and Dogecoin [DOGE] were cryptocurrencies that took the crypto community by storm. These meme coins, relatively, given any significant attention prior to that time, were responsible for minting new millionaires.

Realistic or not, here’s SHIB’s market cap in DOGE terms

Despite the incredible performance the cryptocurrencies had, the bear market has ensured that their respective values are down badly. For example, Dogecoin is 91.42% down from its All-Time High (ATH). SHIB’s value, on the other hand, has decreased by 91.39% since it reached its highest price ever.

Can’t get back to the ATHs

Although some market players believe that the two are down and out, pseudonymous crypto analyst, Altcoin Sherpa did not seem to share the same view. According to Sherpa, DOGE and SHIB would continue to lead the meme narrative, even as the next bull cycle approaches.

He, however, noted that investors should slow down a 10x, 20x, 50x, and so on expectations they might.

From the post above, Sherpa admitted that the Exponential Moving Averages (EMAs) were healthier. He also pointed out the indicator was not convincing enough to put Shiba Inu and Dogecoin at the forefront of parabolic increases.

Looking at the possibility from an on-chain angle, it seemed that the analyst had a point. For instance, the total number of Dogecoin holders has remained almost the same over the last 30 days.

An interpretation of this tilts towards doubt that the coin’s long-term future would be similar to that of 2021. During this time, the DOGE price jumped from $0.007 to $0.65 in a matter of months.

Total number of Dogecoin and Shiba Inu holders

Source: Santiment

SHIB still more attractive than DOGE

While DOGE had more holders than SHIB, the latter has been able to attract more investors within the last month.  However, the growth registered was not as rapid when compared to the season SHIB went from $0.0000007 to $0.000067.

Recently, DOGE has been outperforming SHIB in terms of price action. However, Shiba Inu boasts of having more whale holdings than Dogecoin. This assertion was evident in the data provided by Whalestats.

According to the whale tracking platform, SHIB was in the top 10 tokens held by Ethereum [ETH] whales. This is no guarantee that the SHIB token would later flip DOGE’s market cap. However, it is a testament that the stance these large investors have favors SHIB over DOGE.

Is your portfolio green? Check the DOGE Profit Calculator

At press time, DOGE (blue) ranked as the eighth most valuable cryptocurrency market cap-wise. SHIB (red), with a market capitalization of $4.57 was 19th on the list.

Dogecoin and Shiba Inu market cap

Source: CoinMarketCap


Victor Olanrewaju is a full-time journalist at AMBCrypto. Settled in Lagos, his fascination with blockchain technology and the cryptocurrency market arose out of his love of freedom and everything free. As a Nigerian, Victor understands the impact unfounded financial restrictions have on a population. He sees Bitcoin and cryptos as a way to circumvent these obstacles, as a tool for value creation despite all the setbacks. A graduate in Physics, Victor previously worked as a Senior Marketer at Melange Technologies. Before that, he dealt with crypto-marketers on a regular basis in his capacity as Copywriter at Ventrix Media. At AMBCrypto, Victor’s focus is on assessing the real effectiveness of both on-chain and off-chain developments on a project and its community sentiment.
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