Dogecoin Rallies While Shiba Inu’s Burn Rate Stalls

Dogecoin (DOGE), the largest meme coin with a market cap of $20.5 billion, has surpassed Shiba Inu (SHIB) in performance this past week. DOGE jumped over 13% while SHIB fell 2% during the same period.

Data from Shibburn shows that the SHIB burn rate dropped 100% in the past 24 hours, with no tokens burned. Overall, the Shiba Inu ecosystem has burned 410 trillion SHIB, while the total supply is 999 trillion. This significant drop in the SHIB burn rate may explain the altcoin’s underperformance.

Meanwhile, Dogecoin increased 29.8% in the last 30 days and shows strong potential in the short term with sound fundamentals. In the same timeframe, SHIB increased 23.6% and has surged 139.1% since October 2023, reaching a market cap of $10.5 billion. DOGE is up 106% in the past year.

At the time of writing, Shiba Inu trades at $0.00001787, down 79.79% from its all-time high of $0.00008845, and has fallen 0.5% in the past 24 hours. Dogecoin trades at $0.1395, up 0.26% in the past day, reaching a high of $0.1428. However, DOGE is also down 81.11% from its all-time high of $0.7376.

RSI Levels Show Contrasting Trends

The Relative Strength Index (RSI) is a key indicator for crypto investors because it shows the buying and selling volumes of a digital asset and indicates potential future price action. The DOGE and SHIB RSI levels are analyzed below.

The RSI for DOGE is 69.92, which means the meme coin is in the overbought region. This could be the perfect time for traders to sell and capitalize on gains before the levels go down, as shown by the gradient of the line.

Read also: Shiba Inu’s Price: 142 Trillion Unburned Tokens Put Support at Risk

In contrast, the RSI for SHIB is 52.69, which means that bulls control the Shiba Inu price action, and there is a strong chance of higher highs in the short term. The gradient of the line also suggests similar price movement.