Shiba Inu Investors Extremely Bearish, Dogecoin Traders Undecided
Santiment's on-chain analytics technology has showed Dogecoin (DOGE) and Shiba Inu (SHIB) ecosystem sentiment. This has also shown a possible meme coin rebound.
Bearish Shiba Inu Investors On Meme Coin
In the market study, Santiment noted Shiba Inu investors' bearishness on the meme currency. Since late July, social discourse about Shiba Inu has been “extremely low”. As Shiba Inu bears grow, this measure has fallen this year.
Given how smaller retail traders have been selling their SHIB assets quickly, Shiba Inu investors' disinterest and dissatisfaction are reasonable. IntoTheBlock data also shows that retail investors aren't as positive as projected. Nearly 60% of meme currency supply comes from Shiba Inu whales.
Santiment said Shiba Inu retail dealers are displaying “tremendous relief,” unlike Dogecoin. The following figure indicated that wallets with less than 1 billion SHIB owned the lowest share of supply since November 2022. According to the study, Shiba Inu whales contribute most of the network's FUD.
Shiba Inu investors may be negative owing of the coin's underperformance this year. Santiment said the joke currency “essentially performed as a worse-performing Dogecoin in 2024.” The 30-day average trading returns are -1.1%. However, long-term returns have plummeted to -31.7%.
As Bitcoin recovers, Shiba Inu's gloomy perspective may change. The meme currency and the top crypto have a high positive price association, according to IntoTheBlock. Thus, Shiba Inu is bullish when Bitcoin is.
Dogecoin Traders Are Uncertain
Retail traders have been undecided about Dogecoin this year. Wallets with less than 1 million DOGE control 11.8% of the coin's supply, unchanged from January. So, Santiment noticed that there is no FOMO to imply that tiny traders are acquiring Dogecoin.
In August, Dogecoin benefited from Tron joke coin mania, but its price didn't reflect this.
