November 27, 2023

Image Credit: Getty Images

February 2024 Price Battle: SHIB vs DOGE

January 29,  2024

By: Pooja

Both DOGE and SHIB experience a nearly identical 17% decline in January 2024, signaling potential market shifts.

DOGE vs. SHIB Performance

Image Credit:  Crypto rank

Dogecoin and Shiba Inu, with market caps of $11.4 billion and $5.3 billion respectively, lead the memecoin space.

Market Capitalization

Image Credit: CoinGape

Miners' Trading Activity

Recent actions by Dogecoin miners and mining pools suggest a possible shift in performance relative to SHIB.

Image Credit:  Pinterest

Q4 2023 Gains and Profit Booking

Dogecoin saw double-digit gains in Q4 2023, but on-chain data reveals miners capitalizing on the rally to book profits.

Image Credit: Getty Images

Miners' Selling Trend

Dogecoin miners sell over 290 million DOGE ($22.63 million) in the last three months, potentially signaling a bearish trend.

Image Credit: Bloomberg

Impact on DOGE Price

Image Credits: Reddit

Weakening overall crypto market demand coupled with miners' selling trend could further impact DOGE price in February 2024, potentially allowing SHIB to surpass it.