Journalist
Posted:
- DOGE had 42% of its holders in profit, while SHIB had 11%.
- SHIB had a lower social dominance but better whale concentration.
Dogecoin [DOGE] and Shiba Inu [SHIB] have held their ground as the top two meme coins in terms of market capitalization. However, since the last bull market, there has been some sort of disparity between the two. For Shiba Inu, it no longer wants to be identified as a meme alone. Hence, it built an entire ecosystem backed by the Ethereum [ETH] blockchain.
Realistic or not, here’s SHIB’s market cap in DOGE’s terms
Yet Dogecoin has not shied away from wearing its gown of pride. Till now, DOGE publicly claims to be a project without a budding ecosystem for any specific utility, with the likes of X (formerly Twitter) CEO Elon Musk showing unwavering support for the project.
More calm in the DOGE camp
But in the crypto market, it’s not uncommon for a thriving ecosystem to have a struggling token. This was a scenario shown by IntoTheBlock as regards the condition of SHIB and DOGE.
According to an infographic put out on 8 September, 42% of DOGE holders were in profit. On the other hand, SHIB could only boast of 11%.
Source: IntoTheBlock
One of the reasons why DOGE has more holders in profit than SHIB could be linked to the coin’s performance in recent times. On a Year-To-Date (YTD) basis, SHIB had decreased by 5.69% while DOGE had decreased by 9.69%.
But in the last 365 days, DOGE’s price was similar to what it was at press time. SHIB, on the other hand, has had to deal with a 37.48% decline.
Source: CoinCodex
Eyes on DOGE as whales choose SHIB
Furthermore, on-chain data revealed that SHIB and DOGE had similar traits of social dominance. However, there was a slight difference with DOGE edging out its opposite number.
Social dominance shows the share of the discussions referring to a particular asset or phrase when compared with others in the top 100.
The metric increase denotes hype and attention from the market. Conversely, a decrease in social dominance means an asset is being overlooked. At the time of writing, SHIB’s social dominance was 0.71%, while DOGE was 1.08%.
This difference implies that more eyes and conversations revolved around DOGE than SHIB. Thus, this could be a sign that the broader crypto community believes that DOGE has a better future potential than SHIB.
Source: Santiment
Is your portfolio green? Check out the DOGE Profit Calculator
Whales, however, seem not to share the same sentiment. From the data shared by IntoTheBlock, 63% of whales were holding SHIB while 44% had Dogecoin in their portfolio.
But out of the top six memes, Dogelon Mars [ELON] had the highest concentration of holders in profit, followed by Floki [FLOKI].