The cryptocurrency market is sending mixed signals as Bitcoin and Ethereum are swinging both sides of the aisle. Bitcoin dipped to the $87,000 level on Thursday but gained 6% reaching a day’s high of $92,100. Even leading meme currencies Dogecoin and Shiba Inu rebounded in price on Thursday after experiencing a downturn.
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Despite rebounding in price, both Shiba Inu and Dogecoin are down significantly year-to-date. SHIB is down nearly 36% from its YTD while DOGE is down close to 33% during the same timeframe. Both cryptocurrencies are attracting bearish sentiments after shedding a chunk of their value.
Which Will Rebound Faster: Shiba Inu or Dogecoin?
Historically, Dogecoin has rebounded much faster in the charts than Shiba Inu over the years. The chart shows that DOGE has recovered faster in the indices and maintained its rise over the months. The meme coin also has the support of Tesla CEO Elon Musk who regularly talks and tweets about the cryptocurrency. The move helps DOGE to attract newer investors and maintain its trading volume throughout the year.
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On the other hand, Shiba Inu recovers much slower than Dogecoin after a dip. The charts show that if SHIB heads south, it takes more than six to eight months to get back on track. The upward trajectory is much slower in the dog-themed token as investors fear taking an entry position during the dip. The fear stems from its weak prospects in the charts as it tends to slip further leading to further dips.
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In the race between Dogecoin and Shiba Inu which will recover faster, DOGE takes the top spot. It has a bigger set of investors around the world compared to SHIB, which has close to 1.5 million holders. However, holding on to both cryptocurrencies in the long term could deliver profits as they are known to dramatically surge in price.