Doge and Shiba Crypto: A Tale of Two Memecoins
Dogecoin and Shiba Inu are two of the most popular memecoins in the crypto market, both inspired by the Shiba Inu dog breed. Nevertheless, how have they performed in terms of price rebound and price journey? First, let us look at some key facts and figures.
Price Journey
Doge was launched in 2013 as a joke cryptocurrency that quickly gained a loyal fan base thanks to its humorous and friendly image. Doge also received much attention from celebrities and influencers, especially Tesla CEO Elon Musk, who often tweeted about it and called it his favourite crypto. Doge reached its all-time high of $0.76 on May 8, 2021, after a staggering 15,000% rally in the year’s first five months. However, it also suffered a sharp correction since then, trading around $0.084 at the time of writing1
Shib was launched in 2020 as a self-proclaimed “Dogecoin killer” that aimed to surpass its market cap and popularity rival. Shib also leveraged the power of social media and the community to spread its message and attract investors. Shib reached its all-time high of $0.00005959 on Oct. 27, 2021, after a huge 700% rally in October alone. It has also corrected since then, trading around $0.000011 at the time of writing.
Current Price Analysis: A Rebound on the cards?
Both Doge and Shib have shown remarkable resilience and rebound potential in the volatile crypto market. Dogecoin is up by 7% as of 2 March,2023 in the week while Shiba inu is up by over 5.6% in 1 week. Let us have a look at their respective charts for a better trend analysis:
In a 2D time frame, the price has broken the resistance trendline of the descending triangle. Currently, the price is moving above the triangle. A further upward movement is expected from here.
Shib has also broken out from its own corrective pattern and could be in the initial stages of a long-term upward movement.
In a 2D time frame, the price is moving above the horizontal S/R zone. A bounce is expected from here. On the other hand, if it breakdown the horizontal S/R zone then it can go downward.
Both coins have also benefited from the launch or announcement of their own blockchains: Dogecoin is expected to integrate with Ethereum through the RenDOGE bridge, while Shib is preparing to launch Shi barium, a layer-2 solution built on Ethereum.
Conclusion
In conclusion, Doge and Shib are two memecoins that have captured the imagination and interest of millions of crypto enthusiasts around the world. Despite their volatile and speculative nature, they have both demonstrated impressive price rebounds and journeys. While they might not be fully back but they are in an upward trend.
They have also both developed their own ecosystems and innovations to stay relevant and competitive in the crypto space. However, they also face challenges and risks that could affect their future performance. Ultimately, investors should do their own research and due diligence before investing in any cryptocurrency.
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