Shiba Inu has been enjoying popularity for quite some time now. The supposed “dogecoin killer” is garnering immense fame among meme coins. Several enthusiasts in the space are contemplating the possibility of a doge-like bull run.
The Doge-run was arguably one of a kind. which saw the rally of prices mooning to ranges of ~12,000%. Meanwhile, enthusiasts react differently to the possibilities of SHIB following a similar rally. While some are optimistic about the rally, others find it difficult to digest.
SHIB is regarded as an alternative to DOGE in the industry. It does hold an upper hand over the latter in certain aspects. Which might possibly propel, the coin ahead of its competitor. The aspects in which it excels are:
- SHIB is cheaper than its counterpart.
- It has certain practical use cases, despite being a meme coin.
- Unlike DOGE, there is a finite amount of SHIB.
- Overwhelming follower base.
Also Read: Is Dogecoin Dead? When Will DOGE Price Blast Out of Consolidation?
What IF Shiba INU Becomes The Next Dogecoin?
As aforementioned, the perception of investors and traders is vivid. Certain sections of netizens believe the uptrend to be possible owing to its capabilities over Doge. Some believe, meme coins cause no harm if invested wisely. Netizens expect the coin to reach under the top 5, triggering BTC as well. Meanwhile, others believe the market cap of prominent coins to be too high a goal for the coin. And to be a victim of pump and dump.
On the contrary, the crypto space has withnessed gigantic rise of DOGE price with more than 10,000% gains. The popular meme coin just rose under the influence of famous personalities and influencers. If in case SHIB price gets such attention, then it may hit huge highs or may even enter the top 10 crypto-list too.
However, the meme token also fell off from the cliff which could raise a little concern, yet was able to sustain strongly above $0.2 could be a notable achievement. Therefore, if SHIB price tends to follow the DOGE type rally, it may kill a couple of zero’s in its price. And eventually, reach its ATH.
Shiba INU(SHIB) Price Analysis
SHIB price had a pretty good start for the last quarter of 2021. The price just kept marching towards the north at frequent intervals. Interestingly, the first weekend of Q4 triggered the uptrend resulting in which the price appears to have pulled yet another massive leg up.
Currently, the SHIB price is testing one of the pivotal resistance levels which was previously rejected multiple times. The price needs to surpass the levels around $0.00000950 and sustain in order to reduce a zero. However, the price has gone completely parabolic and may form a ‘cup & handle’ pattern. Therefore if the pattern becomes realistic, then a slight pullback within the parallel channel with healthy consolidation could be on the horizon.
Collectively, the Shiba INU price appears to have aimed at higher highs being strongly poised. As the Dogecoin price is still consolidating within certain ranges, SHIB price may grasp the opportunity to propel higher than expected. However, the market sentiments have turned in favour of the meme coin with the volume touching skies.
Also Read: Crypto Market Is Swinging Again! Should You Buy Altcoins This Fall Season?
PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.
Source: https://coinpedia.org/price-analysis/will-ever-shiba-inu-be-a-threat-to-dogecoins-legacy/
