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.
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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.
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.
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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