Shiba Inu (SHIB) and Floki (FLOKI) struggled to match the impressive gains seen in Pepe (PEPE). PEPE showed a notably bullish technical trend and was prominently featured on CoinMarketCap with a daily trading volume of $611 million at the time of reporting.
Currently, the outlook doesn’t seem optimistic for either meme coin, unless Bitcoin (BTC) begins a bullish trend.
Each meme underwent a phase of accumulation
It wasn’t until early April that the bearish price trend for both FLOKI and SHIB became evident. The pattern began in mid-March.
The levels of support set during the retracement were not upheld. As a result, by mid-April, the MVRV ratio had fallen precipitously into negative territory.
As of the time of publication, FLOKI’s MVRV ratio was at +0.54%, while SHIB’s remained negative. As a result, owners of the latter token saw a small profit.
Furthermore, for the last two weeks, there has been a rising trend in the mean coin age of FLOKI. Since mid-March, SHIB has shown a significant upward trend, which is a far greater indication of accumulation.
With both tokens’ mean coin ages increasing and their MVRV values close to zero or negative, there is a buying opportunity. What aspects of market perception are revealed by the social metrics?
Participation on social media stayed negative
Over a three-day period, the Weighted Sentiment of both tokens was negative, indicating greater pessimistic social media participation. But since late March, FLOKI has been continuously and significantly negative.
Conversely, SHIB has seen some improvement in the second part of April.
There may be some doubts cleared up by the dormant circulation. It would not cheer up investors who are positive on FLOKI to witness the many rises in this metric over the last six weeks.
It showed that significant amounts of the token were moving on the chain, perhaps for sale.
On the other hand, since mid-March, the dormant circulation of SHIB has been comparatively quiet. The most recent notable increase occurred on April 19, when investors took advantage of a 6% bounce to make some money.
SHIB and FLOKI’s on-chain metrics were comparable overall. However, Shiba Inu may be more suited for recovery than FLOKI, according to the mean coin age, latent circulation, and Weighted Sentiment.
May 2024, Cryptoniteuae
