Shiba Inu Investors Extremely Bearish While Dogecoin Traders Remain Undecided
An analysis by Santiment indicates bearish sentiment among Shiba Inu (SHIB) investors, attributed to low social discussion levels since late July and significant offloading by smaller retail traders. Approximately 60% of SHIB's supply is held by whales, while retail traders show relief as the percentage of supply held by wallets with less than 1 billion SHIB reaches its lowest since November 2022. Shiba Inu has underperformed compared to Dogecoin in 2024, with 30-day average trading returns at -1.1% and long-term returns at -31.7%. However, a bullish reversal in Bitcoin could positively impact Shiba Inu's price. Dogecoin traders remain indecisive, with no signs of accumulation among wallets holding less than 1 million DOGE. Despite hype from Tron meme coins, Dogecoin's price did not reflect this, and its discussion ratio has decreased. Current sentiment is neutral, suggesting potential for a turnaround if impatience and fear arise.
