Meme Coin Giants Dogecoin and Shiba Inu Poised for April Rally

Dogecoin and Shiba Inu exhibited contrasting market dynamics in March. Dogecoin soared by 86%, driven by whale accumulation, while Shiba Inu rallied by a more modest 38.84%. On-chain metrics suggest that Dogecoin is potentially undervalued and could see further gains, while Shiba Inu has been accumulating and may benefit from a breakout above resistance levels.

Dogecoin Soars, Shiba Inu Accumulates: April's Outlook for Meme Coin Giants

The realm of meme coins has been abuzz with activity, with Dogecoin [DOGE] and Shiba Inu [SHIB] taking center stage. While DOGE has enjoyed a meteoric rise, SHIB has struggled to break through resistance levels. However, an in-depth analysis of on-chain metrics reveals a potential shift in the narrative, painting a promising picture for both tokens in the month of April.

Dogecoin: A Bullish Rally Amidst Selling Pressure

Dogecoin's recent trajectory has been marked by a surge in accumulation by whales, fueling its long-term bullish outlook. However, a temporary wave of selling pressure on March 26-28 pushed its price down to $0.201 from a high of $0.225.

Despite this setback, Dogecoin's fundamentals remain strong. The 30-day MVRV ratio, which measures the average profit/loss of investors, has dived into negative territory, indicating that the coin is likely undervalued. The mean coin age, which measures the average age of coins held in wallets, has also been trending upward, suggesting that investors are holding onto their DOGE, anticipating future price appreciation.

Moreover, the Weighted Sentiment, which gauges the overall market sentiment, has remained positive, indicating that traders are bullish on Dogecoin. As the 30-day MVRV continues to fall towards zero, traders may seize the opportunity to accumulate DOGE at a potentially discounted price.

Shiba Inu: Accumulation Amidst Market Consolidation

While Shiba Inu has not seen the same explosive growth as Dogecoin, it has been steadily accumulating. Its 30-day MVRV ratio has also fallen into negative territory, a sign of undervaluation. Additionally, the 90-day mean coin age has been steadily increasing, indicating that investors are accumulating SHIB during the current market consolidation phase.

The Weighted Sentiment for SHIB has been relatively weak in recent weeks, but it could improve if the token breaks past crucial resistance levels. Unlike Dogecoin, SHIB has not experienced a significant spike in dormant circulation, suggesting that selling pressure is muted.

April's Outlook: A Tale of Two Tokens

With the market currently favoring Dogecoin, it may be the more attractive option for short-term traders. However, Shiba Inu presents a similar buying opportunity that Dogecoin displayed just two weeks ago. If SHIB can overcome the $0.000035 and $0.000039 resistance levels, it could be poised for gains of up to 60%, as per technical analysis.

In summary, both Dogecoin and Shiba Inu are poised for potential growth in April. Dogecoin's strong momentum and accumulation by whales make it a promising candidate for continued bullishness. Shiba Inu, on the other hand, has been accumulating steadily, presenting a potential buying opportunity at current levels. As the market evolves, traders should keep a close eye on the on-chain metrics and technical analysis to make informed decisions.