Shiba Inu [SHIB] and FLOKI have been spotted hoarding amid negative social media sentiment, according to recent analysis. Despite not being able to keep up with Pepe’s progress, the meme tokens have seen a buildup phase in recent weeks.
The selling pressure behind Shiba Inu was not as intense in the last six weeks, leading to a slightly positive sentiment on social media. On the other hand, FLOKI has been consistently negative since the end of March.
On-chain metrics indicate that both tokens present a buying opportunity, with near-zero or negative MVRV values and increasing average coin age. However, weighted sentiment on social media remains bearish, with FLOKI showing more negativity compared to SHIB.
While both tokens have similar on-chain metrics, including dormant circulation and average age of coins, Shiba Inu seems better prepared for a recovery based on these indicators. The market perception, as reflected in social media sentiment, may continue to influence the price movements of these meme cryptocurrencies in the coming weeks.