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The self-proclaimed “Dogecoin (DOGE) killer” crypto that is Shiba Inu (SHIB) has been observed to perform pretty well these past few days as it has grown to become one of the top digital assets when it comes to market value. It even managed to bounce back recently with a 50 percent gain overnight.
Shiba Inu as most traded
Recent reports reveal that Shiba Inu turned out to be one of the most traded digital tokens as of late by volume, not to mention that at the time of writing, it secured the 20th spot for being the biggest coin in terms of market value. Currently, SHIB has a market capitalization of $9.2 billion which is in comparison to Dogecoin’s $33.8 billion.
With that in mind, cryptocurrency pundits are comparing Shiba Inu’s recent price rally with DOGE’s price surge back in April of 2018. However, it all came to a halt after its price – which reached an all-time high of $0.63 – took a nosedive by 75 percent marking an end to its so-called “to the moon” rally.
If the analysis on Shiba Inu is anything to go by, its price took a huge leap by 187 percent since the beginning of the month. Additionally, it’s still under the 50 percent Fibonacci retracement price level which is at $0.0000203.
Further, it was noted that this huge upward trend is quite unbelievable, to say the least, though Shiba Inu can delve into another 100 percent upward swing since it finally broke through the $0.00001820 resistance level. Provided that this surge continues, it is believed that the SHIB will be stepping into what is described as an ultimate bullish phase.
That said, reports suggest that Shiba Inu will need to push the $0.00002360 price level to trigger that “to the moon” rally. Moreover, the beginning of such an upward rally will be taking SHIB to $0.0000347 which according to analysts translates to a 100 percent upswing.
Dogecoin too
Tug boats for its Dogecoin counterpart have gained 14 percent over the past 24 hours. That said, cryptocurrency folks speculate that both SHIB and DOGE’s price surges could have something to do with Elon Musk’s latest tweet.
The Tesla and SpaceX CEO took to Twitter anew and posted a photo of his Shiba Inu pup Floki alongside the caption “Floki Frunkpuppy.” Clearly, Musk did not mention any of the two canine-inspired digital assets, but this proves to show how extremely volatile the cryptocurrency market is.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
