In the last 24 hours, Shiba Inu (SHIB) recorded a 4.07% increase, outpacing Dogecoin's (DOGE) 1.48% hike. This uncommon occurrence has sparked speculation about the future trajectory of these meme coins.
Some observers speculate that SHIB may soon surpass DOGE in value, while others remain skeptical. Nevertheless, both cryptocurrencies are poised to maintain their positions as the top two meme coins by market capitalization.
Short-term outlook analysis reveals interesting trends. Data from IntoTheBlock shows a decrease in SHIB traders by 31.25%, suggesting potential for short-term growth. Conversely, DOGE witnesses an increase in traders by 16.40%, indicating investor preference towards DOGE.
Source: IntoTheBlock
Long-term sentiment mirrors short-term trends, with DOGE appearing favored over SHIB. Additionally, social dominance metrics show comparable attention towards both coins in media discussions.
Despite declines in social dominance, both coins exhibit potential for price appreciation. DOGE could target $0.17 in the coming weeks, while SHIB might aim for $0.000033.
Source: Santiment
In the short term, SHIB's outperformance of DOGE may plateau, with both coins potentially moving in tandem. Therefore, any acceleration in DOGE's price could influence SHIB, and vice versa.
SHIB's recent surge raises questions about its potential to surpass DOGE, although investor preference still leans towards DOGE. Despite short-term fluctuations, both coins exhibit potential for growth, with their prices expected to converge in the coming weeks.
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