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Shiba Inu Dogecoin

Shiba Inu To Surpass Dogecoin? SHIB Excitement Levels Near ATH

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in Shiba Inu
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The doggy-themed meme coin Shiba Inu (SHIB) has witnessed an unexpected uptick in its price after experiencing a mild correction previously. The cryptocurrency’s bullish momentum has caused waves in the market, prompting expectations of new all-time highs that could surpass that of Dogecoin (DOGE).

Shiba Inu To Make A Solid Rebound

Decentralized market intelligence platform, Santiment has recently taken to X (formerly Twitter) to shed light on Shiba Inu’s promising prospects within the crypto market. The crypto intelligence firm has revealed that Shiba Inu currently stands as one of the top digital assets for traders, potentially outshining Dogecoin within the crypto space.

Related Reading: Crypto Analyst Says This Solana Meme Coin Is About To Go On A Parabolic Rally

According to Santiment’s report, SHIB is poised to make a strong rebound from its initial price correction. The popular meme coin has been making bullish waves after experiencing unprecedented gains over the past months. 

In the last month, SHIB has witnessed a surge of over 261.18%, recording a price surge above $0.000044 at the beginning of the month. However, its price has since retraced and is now trading around $0.000027. 

Despite the sharp correction, Shiba Inu has quickly rebounded, demonstrating its remarkable resilience. The cryptocurrency’s ability to overcome key resistances and push out of a downtrend not only underscores its high demand but reflects investor confidence in its value and future potential. 

Unlike Dogecoin, which has only recorded a weekly gain of about 35%, Shiba Inu’s price increases have surged over 160%, showcasing the cryptocurrency’s ability to keep up with the market’s bullish trends. 

Additionally, in terms of daily trading volume, more investors and traders are looking to favour SHIB over DOGE. Presently, Shiba Inu’s 24-hour trading volume sits at over $3.6 billion, while that of Dogecoin is $3 billion. This means that Shiba Inu is currently hundreds of millions above Dogecoin in terms of daily trading volume.  

SHIB Re-Enters Bullish Trajectory

Shiba Inu advocate and crypto trader, identified as SHIB Knight on X, has revealed a long bullish trajectory for SHIB. Sharing a chart of SHIB’s recent price movements, the SHIB supporter disclosed that Shiba Inu has finally broken through the downtrend, lighting a green bullish candle in its price chart. 

Related Reading: Ripple Vs. SEC: Judge Questions Regulator’s Rules For The Crypto Firm

The cryptocurrency has been seen sporting new gains in the last 24 hours, with about a 12.20% increase in its price. At the time of writing, Shiba Inu is trading at $0.000033, steadily moving upwards from its previous downtrend a day ago. 

Including SHIB Knight, various traders and investors are closely watching the cryptocurrency, staying bullish on its price outlook and its potential to upsurge top meme coins like Dogecoin within the space. 

Shiba Inu price chart from Tradingview.com

SHIB price recovers to $0.000034 | Source: SHIBUSDT on Tradingview.com
Featured image from CoinGecko, 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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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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