Why Can't Dogecoin And Shiba Inu Keep Up With Other Meme Coins?
Portfolio Pulse from Khyathi Dalal
Dogecoin (DOGE) and Shiba Inu (SHIB) have seen significant gains, but not as much as other meme coins. SHIB's long-term holder addresses decreased, and its burn rate and daily transactions have dropped. DOGE's holders in a specific range have also decreased, but its price correlation with Bitcoin is high. Technical analysis suggests DOGE's major gains are yet to come. Binance waived interest fees for borrowing several meme coins, including DOGE and SHIB, to possibly promote them. Despite some concerns, analysts remain bullish on these tokens.
March 13, 2024 | 9:20 pm
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NEGATIVE IMPACT
Shiba Inu's long-term holder addresses and burn rate have decreased, along with daily transactions, indicating potential short-term challenges.
The significant decrease in long-term holder addresses, along with a drop in the burn rate and daily transactions, suggests that Shiba Inu may face short-term challenges, despite the overall bullish outlook from analysts.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Dogecoin's holder count has slightly decreased, but its strong price correlation with Bitcoin and positive technical analysis suggest potential for future gains.
The decrease in holders with 1 million to 10 million tokens is minor compared to the strong price correlation with Bitcoin and the positive outlook from technical analysis, suggesting that any short-term impact is likely to be overshadowed by potential future gains.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90