Why Can't Dogecoin And Shiba Inu Keep Up With Other Meme Coins?

The two leading meme coins Dogecoin DOGE/USD and Shiba Inu SHIB/USD have recorded monthly gains of 109% and 238%, respectively. However, their gains pale in comparison to other dog coins, frog coins or cat coins.

Here's why: Shiba Inu's long-term holder addresses dropped from 1.03 million on Feb. 29 to 1.01 million on March 13 — a significant decrease of 20,000, according to Crypto News citing IntoTheBlock data.

Many long-term SHIB holders took advantage of the rally from February to early March. Shiba Inu has dropped to the 11th position on the top cryptocurrency board due to the recent price drop and the Avalanche price rally.

The Shiba Inu burn rate (-96%) has not made significant movements recently, and notable daily transactions have decreased from a peak of over 4 million in late February to only 1.06 million, according to Shibariumscan data.

Dogecoin holders with 1 million to 10 million tokens have decreased from 10.16 billion on March 12 to 10.07 billion on March 13, as per BitInfoCharts data.

IntoTheBlock data shows that Dogecoin's price correlation with Bitcoin stands at 0.98.

MaxBecauseBTC, CEO of Because Bitcoin, highlighted Dogecoin's technical chart, stating, "Doge is a better risk on indicator. The majority of the returns occur when $Doge 2-week RSI is over 76." The expert believes the best is yet to come.

Also Read: Dogecoin, Shiba Inu, Pepe Erupt For 60%, 130%, 290% Weekly Gains: Benzinga's Memecoin Mashup

Meanwhile, other meme coins — Bonk, Dogwifhat, Pepe, and Floki — are reporting higher gains.

Binance announced a one-hour interest fee waiver from March 12 to March 26 for users borrowing DOGE, SHIB, WIF, PEPE, FLOKI, BONK, and MEME on Binance Margin, possibly to promote these tokens.

Between Shiba Inu's robust community developments and Dogecoin's valuation reaching new heights, alongside dormant whale addresses showing movement, meme coins may have the support needed in order to maintain their strength and stability.

Dogecoin typically experiences surges whenever Elon Musk tweets about it, while Shiba Inu demonstrates bullish momentum with high burn rates (neither of which have been recently observed).

Despite these concerns, analysts have presented a bullish outlook for the tokens.

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Image created using artificial intelligence with Midjourney.