The Shiba Inu and Dogecoin prices are in the spotlight as the two meme coins surge. Like DOGE, Shiba Inu has come from nowhere and rose to become some of the biggest cryptocurrencies in the world. According to CoinMarketCap, Dogecoin is the fourth-biggest crypto in the world with a market cap of more than $61 billion. Shiba, on the other hand, has a market cap of more than $13 billion.
Dogecoin vs Shiba Inu
For starters, Dogecoin is a digital currency that was started in 2013 by Billy Marcus. For years, the currency was relatively unknown in cryptocurrency circles. Its prices started to surge this year when social media users started to talk about it.
It then became popularized by Elon Musk, the founder of PayPal, Tesla, and SpaceX, who is also the second-richest person on earth. This is notable because Musk is one of the most influential people in the world. He has more than 53 million Twitter followers. Therefore, most people, especially retail traders look up to him. In total, as shown below, the Dogecoin price has gained by more than 120,000% since it was founded.
Dogecoin price historic performance
Because of the parabolic rally, Dogecoin has created many wealthy people. In fact, the biggest wallet in the network is worth more than $36 billion. This represents more than 50% of all DOGE in circulation. In total, 11 addresses hold DOGE worth more than $1 billion, according to data by BitInfo.
Dogecoin price prediction
On the three-hour chart, we see that the Dogecoin price surged to an all-time high of $0.7370 last weekend ahead of Elon Musk’s SNL appearance. He called the currency a hustle, pushing it lower by almost 50%. The price is trying to rebound and is finding substantial resistance at the 25-day and 50-day exponential moving averages (EMA). At the same time, it is being supported by the ascending trendline.
Notably, it has formed an ascending channel and a double-bottom pattern. Therefore, I suspect that DOGE will soon retest its all-time high as bulls target the upper side of the channel. Nonetheless, a break below the lower side of the channel will invalidate this trend.
What is Shiba Inu?
Shiba Inu, on the other hand, is a shitcoin that seems to have originated from China. On its website, it describes itself as an experiment in decentralized spontaneous community building. The ecosystem has three parts. SHIB is the native token while LEASH is a token that is pegged on Dogecoin. It has just 100k tokens in circulation. Finally, it has a yet-to-be-launched BONE, which is described as a Dogecoin Killer. According to its Woofpaper, it says:
“We believe through the power of collective decentralization we can build something strong and centralized. A Community-run token is nothing without the united individuals who give it purpose.
Shiba Inu price surged because of three main reasons. First, several exchanges like OKEx and BInance have started offering it. Second, many celebrities in China have started to endorse it in popular platforms like Weibo and WeChat. Finally, there is the fear of missing out (FOMO) among many traders.
Shiba Inu price prediction
In all fairness, it is relatively difficult to analyze Shiba Inu because of the limited data available. Therefore, while this is clearly a token without any utility or value, traders should not short it. Furthermore, many traders have lost a fortune shorting currencies like Dogecoin that have no real value. Instead, I recommend buying a small amount of it just for the sake.