Shiba Inu has been popular for quite some time now. The supposed “Dogecoin Killer” has gained huge popularity among meme coins. Many space enthusiasts are considering the possibility of running a dog-like bull.
It could be said that the Doge race was unique. Resulting in price hikes to ranges of around 12000%. Meanwhile, enthusiasts react differently to SHIB’s potential after a similar high. While some are optimistic about the hike, others find it hard to digest.
SHIB is considered an alternative to DOGE in the industry. It has the upper hand over the latter in certain aspects. Which may push the currency forward over its competitor. The aspects in which it excels are:
- SHIB is cheaper than its counterpart.
- It has certain practical use cases, despite being a currency meme.
- Unlike DOGE, there is a limited amount of SHIB.
- An overwhelming follower base.
Also Read: Is Dogecoin Dead? When will DOGE price explode from consolidation?
What if Shiba INU becomes the next Dogecoin?
As mentioned earlier, the perception of investors and traders is vital. Certain sections of netizens believe that an upward trend is possible due to its doji capabilities. Some believe that meme coins do no harm if invested wisely. Netizens are expecting the coin to hit the top five, which leads to a run on BTC as well. Meanwhile, others believe that the market capitalization of prominent coins is too high a target for the coin. And to be a victim of pump and dump.
On the contrary, the cryptocurrency space has managed to withstand the massive surge in the price of DOGE with gains of over 10,000%. The popular meme coin has risen under the influence of famous personalities and influencers. If the SHIB price gets such attention, it could reach very high levels or even enter the top ten cryptocurrency list.
However, the meme symbol has also fallen off a cliff which may be a bit concerning, however being able to hold solid above $0.2 could be a remarkable achievement. Therefore, if the SHIB price tends to follow a DOGE-type rally, a pair may be killed by zero in its price. And in the end, you get to his ATH.
Price Insights for Shiba INU (SHIB)
Chip price had a very good start to the fourth quarter of 2021. The price continued to move northward at frequent intervals. Interestingly, the first weekend of the fourth quarter triggered the upside which made the price appear to have taken another huge move higher.
Currently, SHIB price is testing one of the pivotal resistance levels that was previously rejected several times. The price needs to break the levels around $0.00000950 and continue in order to reduce the zero. However, the price has gone completely parabolic and may form a “cup and handle” pattern. So if the model becomes realistic, there may be a slight dip within the parallel channel with a healthy stabilization in sight.
Collectively, Shiba INU price appears to be targeting higher highs that are poised to be strong. As Dogecoin price is still consolidating within certain ranges, SHIB price may seize the opportunity to push higher than expected. However, market sentiment has shifted in favor of the meme coin with volume hitting the sky.
Also Read: The Cryptocurrency Market Is Swinging Again! Should you buy altcoins in the fall season?