Shiba Inu’s historical attachment to Dogecoin could see SHIB rise by 20% in the coming days, according to a prominent analyst.
The price of Dogecoin has increased considerably within the past 48 hours, moving from around $0.12 to $0.16 at the time of writing. This more than 20% increase has seen Dogecoin further widen the gap with Shiba Inu in terms of market cap rankings.
Nonetheless, Dogecoin’s rise could spur a run in Shiba Inu’s price over the coming days, according to experienced market analyst Crypto Money King.
According to the analyst, Shiba Inu always follows Dogecoin’s footsteps. Hence, he expects Shiba Inu to match Dogecoin’s recent rise with a 20% run of its own. Such a run will push Shiba Inu’s price to $0.000037 in the coming days.
Shiba Inu is currently trading at $0.000027 and will have to garner momentum quickly for the prediction to come through. At the same time, the analyst warns that the setup will be invalidated if the price of Shiba Inu breaks below $0.000026. To its credit, Shiba Inu continues to trade above that price level in the past 24 hours, increasing the chances of the predicted surge.
$SHIB ⬆️-
Historically #SHIB followed the Footsteps of $DOGE ( Which pumped more than 20% during past 24 hours. Now it's time for $SHIB to match the race. Let's see how it Goes. pic.twitter.com/2ysKpVaN0i
— CryptoMoneyKing (@CryptoMoneyKing) March 21, 2024
For memecoin enthusiasts, it will be interesting to see how the battle for supremacy continues to play out. The Shiba Inu team believes it has what it takes and has planned “secret wags” to help it overtake DOGE. In the meantime, Dogecoin has the upper hand, and the Shiba Inu army must put in greater effort to come back into contention.
Shiba Inu Aims to Recover Ground on Dogecoin
If the latest prediction materializes, it will evidently aid Shiba Inu’s efforts to recover lost grounds. Recall that earlier this month, both coins were locked in a 9th and 10th fight as Shiba Inu nearly surpassed Dogecoin.
Nonetheless, Dogecoin has held off the challenge and has now opened a wide gap, establishing its position as the leading meme-inspired cryptocurrency. Ranked 8th now, Dogecoin has a $23.1 billion market cap, which is notably higher than Shiba Inu’s $16.3 billion. Shiba Inu is also now ranked 11th among the largest assets by market cap, losing its position to Avalanche.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
