In the arena of meme cryptocurrencies, two competitors have been jostling for dominance – Dogecoin and Shiba Inu. These two participants in the volatile world of crypto have experienced somewhat synchronized price actions in recent weeks. Yet, a comparison of their respective communal dialogues brings out sharp differences. While they might appear identical at an initial perusal, the similarities quickly dissipate upon further analysis.
Over the past few weeks, both these popular digital assets have faced the grimace of an unsettling downward trend, causing waves of disappointment among holders. This forms part of the broader cryptocurrency market trend marked by a significant slump across top cryptocurrencies. However, Shiba Inu owners seem to be nursing deeper wounds, as on-chain data paints a gloomy picture. Almost half the addresses associated with the crypto coin are nuzzled deep in losses, marking a significant increase from previous weeks.
Pitting Dogecoin and Shiba Inu’s profitability against each other provides keen insights. Both digital coins are battling negative market dynamics over the last week and have faced dips over the previous 24 hours. The crucial divergence, however, lies in the number of addresses haunted by losses in the cascading price dip. The less severe decline faced by Dogecoin is reflected through the lens of IntoTheBlock’s profitability metric which suggests that 75% of DOGE’s addresses are still basking in profits, in stark contrast to the beleaguered state of 52% of SHIB’s addresses.
The stark contrast is propelled further when we compare the percentage of addresses soaked in losses. Around 48% of SHIB addresses sit in the red, starkly eclipsing the relatively meager 23% of DOGE addresses.
Notwithstanding these statistics, both Doge and Shiba Inu have addresses treading at the current market price – captured within the “at the money” parameter. Detailed data suggests that 119,380 Dogecoin addresses find themselves “at the money,” at an average price of $0.1245. This is paralleled by around 7,630 Shiba Inu addresses “at the money” at an average price of $0.000017.
The curtain further lifts on the recent price action to reveal Dogecoin trading at $0.123, reflecting a decline by 1.2% and 1.98% over the past 24 hours and seven days, respectively. Shiba Inu, on the other hand, is trading at $0.00001713, registering a drop of 2.05% and 7.56% over the comparative time frame.
The silver lining in this crypto storm is the opportunistic behavior of DOGE whales who have viewed the price decline as an invitation to augment their holdings. Evidence gathered from on-chain data of DOGE balance across various exchanges suggests an active accumulation phase.
Dogecoin has managed to etch itself as the undisputed victor among meme coins for holders, rewarding them over extended periods. Its established community, royal status in the meme coin kingdom, and the presence of committed investors waiting to expand their holdings as opportunities arise, all attest to this. Consequently, Dogecoin has displayed a resilience in weathering severe price troughs, performing better than most.
Shiba Inu, although a formidable competitor, still lags behind in terms of securing a massive base of followers akin to Dogecoin. Yet, the future shimmering ahead for both these meme cryptocurrencies is promising indeed.
