After it graced the crypto space in August 2020, Shiba Inu (SHIB) was poised to outpace the Elon Musk-inspired Dogecoin (DOGE) to become the king of the meme coin ecosystem.
However, despite orchestrating one of the most bullish runs in the crypto ecosystem that made so many early investors millionaires, SHIB has often struggled to replicate a similar run. Hence, it has constantly ranked below Dogecoin as the second most valuable meme crypto asset.
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With a potential new bull season anticipated to play out any moment from now, debates about which crypto would eventually rule the meme coin ecosystem seem to emerge more frequently, with Dogecoin and Shiba Inu being among the most talked about cryptocurrencies.
Another Competitive Meme Coin Enters The Picture
Interestingly, newer meme coins like PEPE, with the potential to become the most valuable meme crypto asset, have emerged, joining the debate to make it one of the most heated arguments in the crypto community.
For context, PEPE is the third largest meme coin by market capitalization. It launched around April last year and has since taken holders on an eventful journey characterized by incredible market actions and tremendous profits.
Amid the debates about which meme coin would eventually rule the meme tokens ecosystem, renowned market analyst Ali Martinez recently took to his verified X handle to share some findings with massive implications in the DOGE vs. SHIB debate.
Whales Are Accumulating More DOGE
According to one of Martinez’s posts on X, whale investors are accumulating the Elon Musk-inspired meme coin despite its not-so-good market outlook relative to other cryptocurrencies, especially meme coins.
The post noted that Dogecoin whales amassed over 700 million DOGE valued at about $112 million within three days.
#Dogecoin whales have bought over 700 million $DOGE in the past 72 hours, worth around $112 million! pic.twitter.com/zpMoHz1azX
— Ali (@ali_charts) May 31, 2024
Shiba Inu Records Massive Deposits Into Exchanges
In another tweet, Ali Martinez brought his over 63K followers’ attention to an alarming trend of SHIB deposits into exchanges.
Per the post, over 4 trillion SHIB worth roughly $103 million were dumped in exchanges over the past two weeks.
#ShibaInu | Over 4 trillion $SHIB have been sent to #crypto exchanges in the last two weeks, worth around $103 million! pic.twitter.com/dqVGW3LzuA
— Ali (@ali_charts) May 31, 2024
Implications Of Martinez’s Tweets In The DOGE vs. SHIB Debate
Based on basic knowledge of how the crypto space operates, increased accumulation, especially when a coin is not recording any significant price increment, would most likely hint at an increased faith in a token’s potential to appreciate.
On the other hand, depositing cryptocurrencies into exchanges most likely indicates that traders are possibly taking profits, which could stem from Fear Uncertainty and Doubt (FUD) syndrome or other external factors, particularly the general market sentiment.
Relating the explanations above to the DOGE Vs. SHIB arguments, it becomes relatively safe to say that whales’ actions have shown increased confidence in Dogecoin’s potential to appreciate. On the other hand, SHIB’s deposition into crypto exchanges implies that holders might be losing faith in the coin’s price expansion prospect.
DOGE vs. SHIB Market Readings Comparison
According to CoinGecko’s market readings, DOGE is changing hands at about $0.16, reflecting a slight 0.3% decline in the past 24 hours. It is the ninth most valuable crypto asset, with a market cap of $23.3 billion. Meanwhile, SHIB is selling at roughly $0.000026, reflecting a 2.7% decline in the past 24 hours. It is the twelfth most sought-after cryptocurrency, with a market cap of $15.4.
Don’t Miss: Dogecoin to Hit $1 Mark in Upcoming Market Cycle
Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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