With the market currently busy tracking the price movements of Bitcoin and Ethereum, some altcoins like Dogecoin also made outstanding gains. However, with those gains declining recently, investors may be looking for a way out.
Dogecoin and Shiba Inu
For these puppy-faced altcoins, tremendous support usually comes from their trending drunk communities. But not anymore. In the past 11 days, both DOGE and SHIB were up 21% and 22%, respectively. And this fall took its toll on its investors.
Since the beginning of this fall, the profitable names have declined and this has had a significant impact on the altcoin markets. The owners of Shiba Inu somehow managed to increase their profitability from 15% to 50%. However, at the time of going to press, they were slipping back to losses, with 61% of addresses losing profits. DOGE is also not far away, because 300,000 lucrative addresses were lost in the same time.
This is not surprising, however, as the on-chain metrics are largely bearish right now.
Is one of the two coins worth it?
This part is a little difficult to answer. Community support is still high for both meme coins. The mood is positive and people are continuing to invest (although not so much financially). That didn’t stop DOGE owners from panicking, however, as sales took precedence over the market.
Currently, the order books show higher sales of Dogecoin than sales, by a factor of 70 million DOGE (worth $ 17.5 million).
On the other hand, Shiba Inu is bought more than it is sold. A big driving force behind this purchase is the recent one Notice from OpenSea. The largest NFT marketplace has now started accepting SHIB as a valid payment option. This could be responsible for the bullish trend seen among investors.
To sum up, the market for the above meme coins is not good, but Shiba Inu may just have figured out a way to make a return.