One cryptocurrency analyst made a clear comparison between Dogecoin and… Shiba Inu price movements, noting that the path of both meme currencies closely mirrors each other. While he points out these similarities, the analyst has speculated Next upside target For the Shiba Inu as the price action shows signs of a potential uptrend.
Shiba Inu price vs. Dogecoin price movements
In X (formerly Twitter) mailAli Martinez, a prominent cryptocurrency analyst, revealed that the price behavior of the Shiba Inu is showing signs that it may follow an upward trend similar to Dogecoin.
Earlier this month, the price of Dogecoin recorded a massive rise that pushed its value from $0.1 to $0.4. While the meme has since corrected to around the $0.3 level, Dogecoin’s price performance in November is still as impressive as it was. Saw double gains.
Although still in its infancy, the Shiba Inu is steadily gaining traction, much like DOGE did before its explosive growth. Martinez Dogecoin and Shiba Inu price The chart shows that from 2021 to 2024, both meme currencies were displaying eerily similar price action.
In 2021, Dogecoin saw a Historical price increases Resulting in an all-time high of $0.73. However, a sharp decline followed, with the meme coin falling to $0.05 sometime in 2022. After this major price correction, Dogecoin has seen a modest recoveryrising above $0.1 by late 2022 and early 2023. The cryptocurrency then entered a period of consolidation and further decline before rising to $0.2 in early 2024.
After a brief decline to $0.1, Dogecoin recently rose to $0.4, driven by bullish catalysts such as the severance. US presidential elections and The Elon Musk effect.
On the other hand, the Shiba Inu price chart It shows that it rose to an ATH of $0.000083 in 2021, followed by a massive decline to $0.000007 in 2022. After that, the meme entered a long consolidation phase between 2023 and 2024, marked by minor gains and further declines.
In early 2024, a Shiba Inu too Recovery has begunas it witnessed a significant price rise that pushed it above $0.000044. Despite experiencing another drop to $0.00001, the meme coin is now in an uptrend, targeting $0.00003.
Shiba Inu price is the next target at $0.00049
Martinez also outlines the similarities between Dogecoin and Shiba Inu price movementsthe analyst also shared an optimistic outlook for SHIB.
compared to The explosive growth of Dogecointhe Shiba Inu’s price captured only a small portion of its momentum. If the Shiba Inu can maintain its recent DOGE-like momentum, Martinez expects SHIB to rise to a new all-time high of $0.00049.
Such a move would represent a staggering 1,941% price increase over the current value. As of the time of writing, the price of the Shiba Inu is trading at $0.0000248, recording a 2.9% increase over the past 24 hours and a further 4.3% rise over the past seven days.
Featured image created with Dall.E, chart from Tradingview.com