In the cryptocurrency market, we witnessed a meme coin hype initiated by Dogecoin (DOGE) for a while. This was followed by the Dogecoin-inspired Shiba Inu (SHIB). However, the Shiba Inu at one point robbed Dogecoin of its popularity. Now the eternal rivalry continues. Meanwhile, popular crypto analyst nicknamed Altcoin Sherpa says DOGE and SHIB will continue to lead the meme narrative. However, the analyst has some warnings for those who long for the old days.
DOGE and SHIB will lead the meme coin narrative, but…
During the last bull market, Shiba Inu (SHIB) and Dogecoin (DOGE) were the cryptocurrencies that took the crypto community by storm. These meme coins, relatively speaking, were responsible for the birth of new millionaires, which had not received significant attention before then. Despite the incredible performance of cryptocurrencies, the bear market has seen their respective values plummet badly. For example, Dogecoin is down 91.42% from its all-time high (ATH). SHIB’s price has fallen by 91.39% since its peak.
Although some market players believe that this pair is in decline, crypto analyst named Altcoin Sherpa does not seem to share the same opinion. According to Sherpa, DOGE and SHIB will continue to lead the meme narrative even as the next bull cycle approaches. However, the analyst notes that investors should slow down on their expectations of 10x, 20x, 50x and so on.
Parabolic increases may not be possible!
Altcoin Sherpa agrees that Exponential Moving Averages (EMAs) are healthier. However, he notes that the indicator is not convincing enough to put SHIB and DOGE at the forefront of parabolic increases. When we look at the possibility from an on-chain perspective, we see that the analyst has a point. For example, the total number of Dogecoin holders has remained almost the same over the past 30 days. This leads to doubt that the long-term future of the coin will be similar to that of 2021. During this time, DOGE price jumped from $0.007 to $0.65 in a few months.
SHIB is still more attractive than DOGE
While DOGE has more holders than SHIB, the latter managed to attract more investors last month. However, the growth recorded was not that fast compared to the season when SHIB increased from $0.0000007 to $0.000067. Recently, DOGE has been outperforming SHIB in terms of price movement. However, Shiba Inu boasts more whale assets than Dogecoin. We see this claim clearly from the data provided by Whalestats.
SHIB was among the top 10 tokens held by Ethereum whales, according to the whale watching platform. This is not a guarantee that the SHIB token will subsequently reverse DOGE’s market cap. However, this is evidence that major investors prefer SHIB over DOGE. At press time, DOGE (blue) is the eighth most valuable cryptocurrency in terms of market cap. SHIB (red) ranked 19th on the list with a market cap of $4.57.
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