Analyst Says the Shiba Inu Price ‘Looks Like Dogecoin’, Shares New Target

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As a crypto enthusiast who has closely followed the rise and fall of meme coins, I can’t help but notice the striking similarities between Dogecoin and Shiba Inu’s price movements. Just like how these two breeds of dogs share a resemblance, their cryptocurrency counterparts seem to be mirroring each other in the market.

A cryptocurrency expert has made an observable correlation between the price fluctuations of Dogecoin and Shiba Inu, highlighting that their trends appear to be quite alike. Despite identifying these likenesses, the analyst predicts a future bullish milestone for Shiba Inu based on its price behavior suggesting a possible upward trend.

Shiba Inu Price Vs. Dogecoin Price Movements

On his recent post on what was previously known as Twitter, well-known cryptocurrency expert Ali Martinez shared an insight suggesting that the price pattern of Shiba Inu might mirror the uptrend seen in Dogecoin.

This month, I’ve observed a significant surge in Dogecoin’s value that propelled its price from $0.1 to $0.4. Although it has retraced slightly and currently hovers around the $0.3 mark, the meme coin’s price action this November is nothing short of impressive, with double-digit percentage gains recorded.

Although Shiba Inu is relatively new and in its developmental phase, it has been gradually gaining momentum, reminiscent of Dogecoin’s trajectory prior to its rapid expansion. A comparison of Martinez’s Dogecoin and Shiba Inu price chart reveals that from 2021 to 2024, these meme coins have exhibited strikingly similar patterns in their market performance.

2021 saw an unprecedented price spike for Dogecoin, reaching its peak value of $0.73. But this was followed by a steep fall, with the joke currency dipping down to $0.05 at certain points in 2022. After a substantial correction in price, Dogecoin made a gradual comeback, surging above $0.1 towards the end of 2022 and into early 2023. Following this, the cryptocurrency went through a phase of stability and further decline before it climbed back up to $0.2 in early 2024.

After a temporary dip to $0.1, Dogecoin has since soared to around $0.4. This surge was fueled by positive factors including the conclusion of the U.S. Presidential elections and the impact of Elon Musk’s involvement.

Contrarily, the Shiba Inu price history indicates it peaked at an all-time high (ATH) of $0.000083 in 2021, then plummeted significantly to $0.000007 in 2022. Following this sharp drop, the meme token experienced a lengthy period of consolidation from 2023 through 2024, characterized by modest increases and additional decreases.

Starting from early 2024, Shiba Inu started a resurgence, marked by a substantial price surge that propelled it beyond $0.000044. After another dip down to $0.00001, this popular meme coin is now on an upward trajectory, aiming for a target of $0.00003.

Shiba Inu Price Next Target At $0.00049

According to Martinez’s analysis, he finds that the price trends of Dogecoin and Shiba Inu are quite alike. Moreover, this analysis has led him to make a positive prediction about Shiba Inu’s future price movement.

Contrasting Dogecoin’s rapid surge, the price increase of Shiba Inu has been relatively small compared to its potential. If Shiba Inu maintains its recent Dogecoin-like pace, Martinez predicts that SHIB could reach a new peak of approximately $0.00049.

This action would signify an astonishing 1,941% rise from its current price level. At this moment, Shiba Inu’s price stands at $0.0000248, registering a 2.9% growth in the last day and a 4.3% upward trend over the last week.

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2024-11-22 22:12