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Cryptocurrencies like Shiba Inu (SHIB) and Dogecoin (DOGE) have gained investors attention globally. As these meme coins keep on making waves in the market, catalysed by viral trends and community passion, the question at hand is, Can SHIB be at par with Dogecoin? Join us into this interesting journey as we analyze their market performance and their potential.
Dogecoin, often abbreviated as DOGE, serves as the native cryptocurrency of the Dogecoin network, which gained popularity as a parody cryptocurrency based on an internet meme featuring a Shiba Inu dog. Initially conceived as a playful mockery of the growing trend of serious cryptocurrency projects, Dogecoin was created without any substantial real-world utility. Instead, it mimicked the code of Litecoin, another digital asset, allowing users to transfer value over the internet like other cryptocurrencies.
Despite its origins, Dogecoin quickly garnered a passionate community of supporters who found novel applications for the digital currency. One notable use case emerged as a third-party online tipping service, which propelled Dogecoin to prominence as a leading tipping coin on platforms like Reddit. Additionally, the community rallied around charitable causes, using Dogecoin for crowdfunding efforts
Over the past week, Dogecoin (DOGE) has made a notable comeback after a period of decline, aiming to reclaim its position among the top 10 cryptocurrencies by market cap.
Earlier this month, Dogecoin slipped to 11th place, overtaken by Chainlink (LINK), mainly due to an unexpected drop in its price that went against the general market trend.
However, in the last 24 hours, Dogecoin price has seen a modest 0.4% increase, reaching a value of $0.0862. As a result, its market value now exceeds $12.3 billion, surpassing its previous mark of $11.9 billion.
The world of digital currencies is constantly changing, with trends evolving regularly. While many alternative cryptocurrencies are currently on an upward trend, some exceptions significantly influence market dynamics. Despite its recent volatile price movements, Dogecoin has shown a remarkable surge over the past week, registering a 6.93% increase.
This growth can be attributed to ongoing adoption, as evidenced by its trading volume, which has increased by approximately 91% from the beginning of the week to today, reaching $636.9 million.
At the same time, according to Coinglass, the optimistic outlook for DOGE among investors, reflected in the increase in open interest, is anticipated to contribute to the token’s upward movement.
Looking ahead, technical indicators suggest that maintaining a price above the $0.095 resistance level could propel Dogecoin towards milestones such as $0.1 and potentially $0.3. Conversely, failing to breach the $0.075 mark may result in a downward trend, with support levels currently positioned near $0.073 and $0.0720. A decline below these levels may see Dogecoin regress towards $0.0700.
Crypto analyst Captain Faibik, predicts a potential 30% surge for DOGE, highlighting that the price for the cryptocurrency is approaching a breakout from a symmetrical triangle pattern, which could push it past the $0.1 mark once again. There is the formation of a downward-sloping triangle on DOGE’s 12-hour timeframe chart since its peak at $0.1018 on December 12.
Notably, the price movements within this pattern exhibit lower highs and higher lows, signaling a weakening influence by sellers and suggesting a bullish trend reversal.
The analysts suggests a possible 30% breakout above the $0.08199 level, with the potential for DOGE to revisit its December high of approximately $0.106 by March if this prediction materializes.
$DOGE is on the Verge of Symmetrical Triangle Breakout..!!
In Case of Upside Breakout, Expecting +30% Bullish Rally in the Short term. 📈#Crypto #DOGE #Dogecoin pic.twitter.com/j1WL8mv33u
— Captain Faibik (@CryptoFaibik) February 13, 2024
In 2020, Shiba Inu (SHIB) entered the cryptocurrency scene quickly capturing the attention and admiration of the crypto community. Initially dubbed the “Doge killer,” SHIB has since established its own identity within the meme coin market, driven by active development efforts and strategic endorsements. With the introduction of the Shibarium network, a layer-2 solution aimed at addressing scalability challenges on the Ethereum platform, Shiba Inu has emerged as a noteworthy player in the crypto realm.
Delving into Shiba Inu’s market performance unveils a journey marked by volatility and growth. Despite enduring significant fluctuations, SHIB experienced a remarkable surge in 2021, soaring to an all-time high of $0.00008845.
However, recent months have presented challenges for SHIB, with its value oscillating and reflecting broader market trends. Notably, SHIB witnessed an extraordinary growth of 43,220,000% in 2021, showcasing its potential.
Nevertheless, SHIB has encountered setbacks, with its value declining by 23.75% over the past year alone.
SHIB has recently garnered attention due to its promising upward trend. Over the past two weeks, it has experienced significant growth, with its price increasing by more than 13%, climbing from $0.0000088 to $0.0000099, according to CoinMarketCap data. This surge indicates a positive sentiment among investors.
As of now, the price of Shiba Inu Coin is $0.0000099, reflecting a 1.06% increase in the last 24 hours. This rise coincides with an increase in token-burning activities, leading analysts to speculate that this trend could potentially drive further upward movements in the coin’s value.
Amidst speculation and anticipation, analysts foresee a gradual uptrend for Shiba Inu, with the potential for a breakout if key support levels remain robust. Technical indicators suggest that SHIB is poised for a potential rally, with resistance observed at $0.00001 and support at $0.0000085.
Amidst speculation and anticipation, analysts foresee a gradual uptrend for Shiba Inu, with the potential for a breakout if key support levels remain robust. Technical indicators suggest that SHIB is poised for a potential rally, with resistance observed at $0.00001 and support at $0.0000085.
A cryptocurrency analyst, SHIB KNIGHT, recently indicated that Shiba Inu is nearing a turnaround on weekly charts, with $0.00000953 as a critical support level. He outlined four price targets for SHIB’s recovery, alongside three support levels to monitor against market downturns. Currently facing resistance at $0.00001, surpassing this could signal a bullish trajectory towards $0.000015, while dropping below $0.00000950 might lead to a support level of $0.00000800.
$SHIB 1WEEK Chart
Shiba Inu breaks downtrend on weekly chart & it's on 953 support now. Market is good, next leg is loading.
🔺️Targets: 1011, 1193, 1309, 1492
🔺️Supports: 953, 896, 880 pic.twitter.com/clHxBWh5Wk— $SHIB KNIGHT (@army_shiba) February 14, 2024
Looking further into the future, price predictions for SHIB in 2024 and beyond span from conservative estimates to bullish projections, reflecting diverse sentiments within the crypto community.
Comparing Dogecoin (DOGE) and Shiba Inu (SHIB), both cryptocurrencies have unique directions. While DOGE started as a playful parody and evolved into a stable digital asset with practical applications, SHIB gained attention with its explosive growth potential and community-driven initiatives. Recent developments have boosted SHIB’s short-term prospects, but its path to reaching DOGE’s level may take time.
SHIB would need to grow by approximately 872% to go as high as DOGE. This poses a substantial growth challenge for Shiba Inu to match the valuation of DOGE. SHIB will require a significant surge in its value to achieve DOGE’s price level.
However, with the volatile nature of the cryptocurrency market and the potential for rapid shifts in investor sentiment, SHIB can see significant growth in the future. Reaching DOGE’s market performance presents a major challenge that would require sustained development efforts and widespread adoption. Thus, while SHIB shows promise, reaching DOGE’s price level may take considerable time and effort.
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This content is purely for educational purposes and should not be considered as financial advice. Do your own research before investing in any crypto platform and only invest the amount you can afford to lose.
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