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Here’s Why Dogecoin (DOGE) Is a Better Catch Than Shiba Inu (SHIB) Right Now

2 mins
Updated by Ryan James
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In Brief

  • Dogecoin price has been corrected by 26% in ten days, bringing the meme coin down to October highs.
  • MVRV ratio shows that DOGE is a much better option for accumulating than its competitors like SHIB.
  • Whales are currently simply holding on to their supply despite price fall suggesting conviction is high, leaving room for recovery.
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Dogecoin (DOGE) price has been correcting over the past few days after posting a two-year high. The meme coin was expected to rise further but stopped in the last few days.

Interestingly, this has opened up DOGE to its investors in a positive new way, which might be the cause of its recovery.

Dogecoin Price Decline to Be Reversed?

Dogecoin price fell by more than 26% in the last ten days after the meme coin rallied to $0.178, marking a 26-month high. The altcoin at the time of writing can be seen changing hands at $0.134.

Nevertheless, this decline, despite being loss-bearing, has opened DOGE up to the potential for growth. In fact, the altcoin has become a far more lucrative asset than its biggest competitor, Shiba Inu.

This is because the Market Value to Realized Value (MVRV) ratio of DOGE suggests the cryptocurrency is ripe for picking. MVRV ratio compares the market cap of a cryptocurrency to its realized cap, indicating whether assets are overvalued or undervalued.

It also exhibits the right conditions for buying and selling. Whenever Dogecoin price correction places it below -4%, it enters the opportunity zone. This area, marked between -4% and -13%, has historically been the point of price recovery, making it the ideal zone for accumulation.

Dogecoin MVRV ratio.
Dogecoin MVRV ratio. Source: Santiment

Dogecoin MVRV at the moment is at -10.4%, which suggests that accumulating DOGE at present would prove to be profitable once recovery initiates. Shiba Inu, in this regard, is far from the opportunity zone, giving Dogecoin the necessary edge.

The whales further support the bullish outlook. The addresses holding between 1 million and 10 million DOGE have simply been holding on to their assets since the corrections began. Lack of selling despite corrections exhibits conviction toward a price rise, which will benefit the meme coin when recovery begins.

Dogecoin Whale Holding.
Dogecoin Whale Holding. Source: Santiment

DOGE Price Prediction: Recovery on the Cards

If the aforementioned factors impact the Dogecoin price positively, the meme coin could be pushed to reclaim the resistance marked at $0.147 into a support floor. Breaching the same would enable DOGE to rise towards $0.150.

DOGE/USDT 1-day chart.
DOGE/USDT 1-day chart. Source: TradingView

However, if the decline continues, Dogecoin’s price could fall through the $0.127 support floor. Should this happen and DOGE falls to 0.111, the bullish thesis would be invalidated, leaving the meme coni vulnerable to tagging $0.100.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Aaryamann Shrivastava
As a Mass Media (Journalism) graduate, my journey into cryptocurrency journalism has evolved into a distinguished role as an On-Chain Analyst over the past two and a half years. Collaborating with industry-leading media companies like FXStreet, AMBCrypto, and FXEmpire, I’ve delved deeply into the intricate realms of Crypto and Blockchain, crafting over 2,500 meticulously curated SEO-focused articles. Driven by a commitment to excellence, I remain steadfast in delivering the highest caliber...
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