Recent on-chain analytics from Santiment have shed light on the sentiment surrounding two major meme coins: Shiba Inu (SHIB) and Dogecoin (DOGE). While both coins have a dedicated following, their investors are showing contrasting emotions, with Shiba Inu investors turning bearish, while Dogecoin traders remain indecisive.
Shiba Inu Investors’ Growing Bearish Sentiment:
Since late July, social discourse around Shiba Inu has significantly dropped, reflecting the growing disinterest among retail traders. Nearly 60% of SHIB’s supply is held by whales, with retail traders selling off their assets. This year, wallets holding less than 1 billion SHIB hold the lowest share of supply since November 2022. Shiba Inu’s performance in 2024 has also been weak, with average 30-day trading returns at -1.1% and long-term returns plunging to -31.7%.
Dogecoin Traders Remain Uncertain:
On the other hand, Dogecoin traders have remained neutral throughout the year. Despite benefiting from the Tron joke coin mania in August, Dogecoin’s price did not reflect any significant gains. Santiment’s data shows that wallets holding less than 1 million DOGE have controlled 11.8% of the coin’s supply since January, indicating no fear of missing out (FOMO) among smaller traders.
Despite the current bearish outlook, a recovery in Bitcoin's price may influence Shiba Inu’s performance positively due to its high correlation with the top cryptocurrency.
While Shiba Inu investors remain cautious, Dogecoin traders are still sitting on the fence, with no strong signals of market movement from either side.
