- Shiba Inu and FLOKI both saw accumulation amidst negative social media sentiment
- The selling pressure behind Shiba Inu was not intense in the past six weeks
Shiba Inu [SHIB] and Floki [FLOKI] were unable to keep pace with the gains of Pepe [PEPE].
The PEPE token had a strongly bullish technical bias and was trending on CoinMarketCap with a daily trading volume of $611 million at press time.
AMBCrypto analyzed the on-chain metrics of both SHIB and FLOKI to understand if they might set out on a bullish trajectory soon.
As things stand, it did not appear very hopeful for either meme coin unless Bitcoin [BTC] can turn on an uptrend.
Both memes saw an accumulation phase
Source: Santiment
The price trend of both FLOKI and SHIB has been bearish since mid-March, but this was only apparent in early April.
Support levels established during the retracement were not defended. This saw the MVRV ratio drop deep into negative territory toward mid-April.
At press time, SHIB’s MVRV ratio was still negative, while FLOKI was at +0.54%. This meant that holders of the latter token were slightly at a profit.
On top of that, the mean coin age of FLOKI has trended upward in the past two weeks. For SHIB, it has strongly trended higher since mid-March, a much stronger sign of accumulation.
Both tokens present a buying opportunity given the near-zero or negative MVRV values and the rising mean coin ages. What do the social metrics reveal about market perception?
Social media engagement remained bearish
Source: Santiment
The Weighted Sentiment of both tokens on a 3-day interval was negative, showing social media engagement was more bearish. However, FLOKI has been consistently and heavily negative since late March.
On the other hand, SHIB has been slightly positive in the latter half of April.
The dormant circulation could help settle some doubts. Investors bullish on FLOKI would not be encouraged to see the numerous spikes of this metric in the past six weeks.
It indicated sizeable amounts of the token moving on-chain, likely for selling.
Realistic or not, here’s SHIB’s market cap in BTC’s terms
Conversely, the dormant circulation of SHIB has been relatively quiet since mid-March. The last significant spike was on 19th April when holders used a 6% bounce to realize some profits.
Overall, the on-chain metrics of SHIB and FLOKI were similar. But the mean coin age, dormant circulation, and Weighted Sentiment showed Shiba Inu could be better poised for recovery than FLOKI.
