Dogecoin (DOGE) and Shiba Inu (SHIB) have dominated the space due to their market capitalization and popularity, while other assets like Pepe (PEPE) have emerged causing chaos in the market.
With so many options, the community is still confused about which one to invest in. So what is the best choice? Santiment decided to study Baby, Dogecoin, and Shiba Inu to determine how people will feel about each asset in the future.
The online analytics platform examined audience sentiment, whale/small trader accumulation, and the market cap to intrinsic value ratio of each asset.
1️⃣ Dogecoin ($DOGE )
Dogecoin is currently trading at $0.1002, after falling 3% over the past 24 hours. This decline follows yesterday's notable gains, when DOGE rose from $0.1034 to $0.0994. Throughout 2024, retail traders were hesitant about Dogecoin.
Wallets holding less than 1 million DOGE account for 11.8% of the total meme supply. However, this data does not show any significant signs of stimulus that would suggest small traders are significantly increasing their holdings.
Furthermore, the current sentiment towards DOGE is stable. What is encouraging is that FOMO is decreasing very quickly. If the market sees more disappointment, it will be a positive sign that the situation has improved.
2️⃣ Shiba Inu ($SHIB)
It seems that most assets on the market are down in the last 24 hours. Shiba Inu is trading at $0.00001324 after falling 1.48%. The community-led project is very popular and has a large fan base.
However, social discussions about SHIB have dropped significantly since late July. This trend has continued throughout the year, Santiment noted. “This reflects a sense of apathy and frustration among traders, consistent with the extent to which retail traders have significantly withdrawn from the asset. Similarly, sentiment has also shown a slight negative trend,” the platform added.
3️⃣ Pepper ($PEPE )
Pepe is special for a number of reasons. The meme coin is relatively new, unlike other animal-themed cryptocurrencies like the Shiba Inu. The asset has seen a surge in accumulation by small traders.
This could be due to the meme’s recent introduction into the crypto market, as traders and holders have not experienced as many price drops as they have since its peak in late July. PEPE is currently trading at $0.00000719, down 3%.
