Dogecoin vs Shiba Inu: Which memecoin will dominate June?

Dogecoin and Shiba Inu: Market Analysis

Dogecoin and Shiba Inu exhibited comparable metrics. Shiba Inu remained range-bound, while Dogecoin demonstrated slight volatility and a gradual upward trend.

Social Metrics

• Weighted sentiment indicated negative engagement for both coins. However, Dogecoin experienced consistent bearishness since April, while Shiba Inu exhibited sporadic positivity over the past two months.
• Dogecoin held a higher social dominance (0.927%) compared to Shiba Inu (0.339%).

Chain Activity

• Dogecoin's dormant circulation spiked on May 30th, suggesting increased selling pressure. Although prices have since recovered, this activity warrants caution.
• Shiba Inu experienced fewer on-chain movements, indicating a stronger HODL sentiment.

MVRV Ratios

• Dogecoin holders faced greater unrealized losses in the past six weeks, particularly in early May.
• As of press time, Shiba Inu holders faced higher unrealized losses.

Conclusion

Overall, social metrics were comparable. However, Dogecoin's negative sentiment, dormant circulation spike, and higher MVRV ratios hint at potential volatility. Shiba Inu, with its positive sentiment, stronger HODL mentality, and lower MVRV ratio, may exhibit greater stability in the short term.