Shiba Inu Coin and Dogecoin are about to take off? Platforms reveal: Market sentiment has changed dramatically, is FOMO coming soon?
According to Santiment's analysis, Shiba Inu Coin investors are currently pessimistic about meme coins. This is mainly because there has been "very little" social discussion about Shiba Inu Coin since the end of July. As pessimism about Shiba Inu Coin has gradually increased, this indicator has continued to decline this year.
The analysis pointed out that considering the eagerness of small retail investors to sell their SHIB, the indifference and frustration of Shiba Inu Coin investors are actually understandable.
Data from market intelligence platform IntoTheBlock also confirmed that the attitude of these small retail investors is not as optimistic as expected. Moreover, Shiba Inu Coin's big holders still hold nearly 60% of the supply of the currency.
Unlike Dogecoin, retail traders of Shiba Inu Coin are relatively "relieved". The accompanying chart shows that the percentage of supply held by wallets holding less than 1 billion SHIB has fallen to its lowest point since November 2022.
Shibacoin's bearish sentiment may be related to its poor performance this year. Santiment reports that the meme coin has performed much worse than Dogecoin in 2024. The average trading return over the past 30 days has fallen by about -1.1%, while the long-term return has plummeted by -31.7%.
