Dogecoin (DOGE) has been leading the meme coin ecosystem for years. However, during the recent bull rally, DOGE lagged behind Shiba Inu (SHIB), the second most popular meme token.
Expert Opinion on DOGE
Both meme tokens managed to significantly increase their value in the past few days, benefiting from the bull market. Popular analyst Crypto Dep recently shared a tweet highlighting the social performance of the best meme token. SHIB topped the list, followed by DOGE. Pepecoin (PEPE), FLOKI, and QUACK completed the top five.
According to the tweet, DOGE’s social engagement was 35.1 million, while SHIB’s metric reached 56 million. Additionally, SHIB and DOGE had 3.12 thousand and 1.35 thousand mentions, respectively, on social media. This reflected Shiba Inu’s dominance over Dogecoin on the social front.
Despite the high social interaction, both tokens experienced a decline of over 50%, according to LunarCrush. The rise in Altrank values is considered a bullish signal.
For example, DOGE’s price increased by more than 10% in the past 24 hours. It was trading at $0.07235 with a market capitalization of $10.2 billion. DOGE’s volume also saw an increase of over 50% in the past 24 hours. Looking at DOGE’s daily chart, it appears that the upward trend may soon come to an end.
Technical Indicators for DOGE
The token’s price reached the upper limit of the Bollinger Bands. Moreover, the relative strength index (RSI) entered the overbought zone, indicating increasing selling pressure. Shiba Inu’s performance, like DOGE, was impressive, with its value increasing by over 11% in the past 24 hours.
CryptQuant’s data revealed a decrease in SHIB’s currency reserves at the time of writing. This suggests that there is low selling pressure on the meme token. Other bullish measures were active addresses and transfer volume. The token’s RSI entered the overbought zone and shone with relevant signals.
