Why Can’t Dogecoin And Shiba Inu Keep Up With Other Meme Coins? By Benzinga

Benzinga – by Khyathi Dalal, Benzinga Staff Writer.

The two leading meme coins Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) 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.

The meat of the move hasn’t even happened yet for $Doge… and BTW #Doge is a better risk on indicator than $ETH & Total2/3. It’s older than all of them & is more cyclical.