Dogecoin vs Shiba Inu: Which meme coin will perform best in June?
The memecoin market has been on a downward trend over the past week, partly due to Bitcoin’s hesitation to break through the $70k resistance. Both Dogecoin and Shiba Inu showed similar price performance, but Shiba Inu traded within a range. Dogecoin, on the other hand, was more volatile in May, but trended slightly more consistently.
Social metrics
Weighted sentiment analyses showed that social media sentiment for both DOGE and SHIB was bearish, but Dogecoin has shown consistent bearish sentiment since April, while Shiba Inu has been more frequently positive in the past two months.
Potential Volatility for Dogecoin
On May 30, Dogecoin saw a huge increase in dormant circulation, which may indicate selling pressure. Although DOGE prices have only fallen 3% since then and are currently showing a recovery, the potential wave of selling could be a concern for short-term holders.
Compare MVRV ratio
The MVRV ratios show that DOGE holders were more willing to sell when the ratio rose above zero. Combined with the spike in dormant circulation, Dogecoin could therefore see more volatility than Shiba Inu.
Dogecoin and Shiba Inu remain competitors in the memecoin market, but recent events suggest that Dogecoin may experience more volatility than its Shiba Inu counterpart. The coming weeks will reveal which of these memecoins will dominate in June.
