According to a recent report released by analytics platform Santiment, meme Shiba Inu (SHIB) is currently experiencing "tremendous" levels of fear, uncertainty and doubt (FUD).
This is based on the fact that the percentage of supply held by wallets with less than one billion tokens (roughly $13,000 at press time) is at its lowest level since November 2022.
Large SHIB whales control the vast majority of holdings, which indicates a high level of centralization.
SHIB is also suffering from rapidly declining social media interest. The Dogecoin rival has attracted very few social media discussions over the past month. This makes sense given that the cryptocurrency has experienced the aforementioned exodus of retail investors.
As reported by U.Today, SHIB is also getting demolished by other meme cryptocurrencies in terms of trading volume. In fact, it is also lagging behind Litecoin (LTC), a semi-forgotten OG cryptocurrency that made its debut all the way back in 2011.
On the bright side, Santiment has opined that the SHIB token could start performing "relatively well" once Bitcoin resumes its rally. SHIB's long-term returns stand at nearly -32%, which is why it has been labeled as "a worse-performing Dogecoin."
What about Dogecoin?
When it comes to Dogecoin, there are no signs of FOMO, according to Santiment. That said, retail market participants remain "indecisive" based on their share of the meme coin's supply. The firm claims that Dogecoin sentiment is at "break-even" for now.
Gamza Khanzadaev
Tomiwabold Olajide