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Picture of three Dogecoin (Doge) together with two Shiba Inu dogs behind them

Shiba Inu And Dogecoin Battle For Supremacy, Who Will Lead The Pack?

Best Owie
by Best Owie
3 years ago
·
Posted in Dogecoin, Altcoins
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Shiba Inu continues to exceed market expectations with recent trends. The meme coin has been on the rise in the past couple of weeks with interest growing in the asset every day. This has cumulated to a rally that saw the meme coin break its previous all-time high. Rumors of a Robinhood listing had pushed the price of the asset up at the start of the week. However, the momentum generated from the rumor has taken on a life of its own.

SHIB has solidified itself as a formidable competition for the top meme coin with its recent rally. Dogecoin, on the other hand, does not look ready to give up its crown without a fight. While SHIB has rallied, Dogecoin has also mounted a resistance of its own. Although not as impressive as that of its rival, it did push the price of the meme coin above the $0.3 resistance level.

Shiba Inu Takes Over In The Top 10

Shiba Inu has always been touted as the “Dogecoin Killer.” Recent events have shown that this may be true. Dogecoin has retained its notoriety for being the first meme coin. It had gained significant support which had sent its price rallying to its $0.7 all-time high. It is safe to say that Doge’s popularity as a meme coin paved the way for others like SHIB.

Related Reading | Elon Musk Reveals How Much He Owns Of Dogecoin Rival, Shiba Inu

Now, though, in what seems like the end of an era, Shiba Inu is taking over as the choice meme coin among investors. SHIB’s rally towards a new all-time high saw its market cap break above $40 billion for the first time. This puts it ahead of Dogecoin whose market cap still sits below $40 billion. The growth caused Shiba Inu to move above Dogecoin in the top 10, taking over 9th place.

Shiba Inu  (SHIB) price chart from TradingView.com

SHIB price turns downward | Source: SHIBUSD on TradingView.com

Shiba Inu also take the lead on the 24-hour and 7-day trading average. The meme coin has recorded 41.35% and 180.87% respectively on the 24-hour and 7-day trading average in comparison to Dogecoin’s 22.19% and 15.22%.

Dogecoin Toeing The Bear Line

Dogecoin is trading in the green at the early hours of Thursday. It has, however, not given the high gains that SHIB has brought investors in the same time frame. The meme coin has instead remained inside a tightly wound bear line and a weak finish for the day will see the asset pushed further down.

Related Reading | Dogecoin Rival Shiba Inu Lists On Robinhood Competitor

In his analysis, Justin Bennett remarks that Doge will need to close above Tuesday’s $0.23. Wednesday’s close fell below this with a $0.23, the lower support point in Bennett’s analysis. However, Doge still rallied following this closely. That has not given Doge much armor in its battle with SHIB for supremacy though. With bitcoin showing low trends in the market, Doge does not present the best investment option for holders.

Featured image from Authentic News Giant, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Best Owie

Best Owie

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Best Owie is a Managing Editor at Bitcoinist with extensive experience and a proficient expert known for crafting captivating and insightful content. Best boasts over six years in the crypto sector, and has supervised the conception and publication of thousands of articles. Best is also a content and marketing strategist with the ability to make sure your content reaches the right audience and beyond. In every aspect, Best stands out as a consummate professional, always striving for unparalleled excellence both within and outside the workplace.

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