- Shiba Inu Upended AVAX, TRON, and DOT Amid Impressive March 2024 Rally.
- Both coins are down more than 70% from their 2021 all-time highs.
- The market cap difference between SHIB and DOGE is over $8 billion.
Memecoins are gaining attention as Shiba Inu (SHIB) and Dogecoin (DOGE) have surpassed the largest digital assets since last week. DOGE gained 6.3% in the last 24 hours to trade above $0.15 as Shiba Inu embarked on a mini rally to regain support at $0.000024.
Based on global market capitalization, DOGE ranked first with a market capitalization of $21.82 billion, and SHIB ranked first with a market capitalization of $12.96 billion.
These key indicators are paving the way for SHIB.
Large holder net flows are a valuable insight when considering whether Shiba Inu could overtake Dogecoin in global market capitalization. By definition, a large holder is someone who holds at least 0.1% of the circulating coin supply. SHIB’s large holder net flows are up 124% over the past 7 days, but its 574% gain over a 90-day period proves that SHIB took advantage of the March meme coin rally in more ways than DOGE.
Meanwhile, DOGE’s net flows from large holders have fallen 42% over the past three months, despite a sharp increase in long-term investors. Long-term holder indicators are not very favorable for SHIB, as the monthly growth of cruisers and traders holding tokens between 1 and 12 months increased by 5.69%.
Low price correlation with Bitcoin (BTC) has helped SHIB maintain a slight uptrend over the past seven days, with Dogecoin’s weekly price down 3%. Some of Dogecoin’s recent gains were significantly pared down as the major asset, which has a price correlation of 0.89 to BTC, plummeted below $62,000.
A roller coaster ride for Shiba Inu and Dogecoin is expected to happen soon, according to Bollinger Bands. This is consistent with the widening of the Bollinger Bands for both coins on the 4-hour chart, with both tokens boasting similar Relative Strength Index (RSI).
On the flip side
- Social dominance, celebrity endorsements, and new instances of blockchain adoption could also play a pivotal role in Shiba Inu and Dogecoin prices.
- Santiment’s data shows that the Shiba Inu coin’s social dominance index is 0.55, while DOGE’s is 0.52, indicating less social behavior.
Why This Matters
Meme Coin offers a lightweight approach to blockchain technology to build powerful narratives with artificial intelligence (AI) and real-world asset tokenization (RWA).
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