Emily Walker
A cryptocurrency analyst has highlighted the similarities between the price trends of Dogecoin and Shiba Inu, suggesting that both meme coins could be on a similar upward trajectory. This analysis comes as the price movements of Shiba Inu indicate a potential bullish trend.
Comparison of Shiba Inu and Dogecoin Price Trends
In a recent post on X (formerly Twitter), Ali Martinez, a notable crypto expert, stated that Shiba Inu’s price actions are beginning to reflect those of Dogecoin, hinting at a possible upward movement.
Earlier this month, Dogecoin saw a remarkable rise, escalating from $0.1 to $0.4. Although it has recently adjusted back to approximately $0.3, Dogecoin’s performance in November continues to impress, showing significant gains.
While Shiba Inu is still in its nascent phase, it is gaining momentum similarly to how Dogecoin did prior to its major rise. Martinez’s price chart for both coins indicates that from 2021 to 2024, their price trends have been strikingly alike.
In 2021, Dogecoin experienced a peak price of $0.73, followed by a significant drop that took it down to $0.05 in 2022. After this decline, it managed to recover modestly, rising back above $0.1 by late 2022 and early 2023, before consolidating and declining again, eventually reaching $0.2 in early 2024.
After a temporary retreat to $0.1, Dogecoin recently surged to $0.4, fueled by positive catalysts including the recent US Presidential elections and the influence of Elon Musk.
In contrast, Shiba Inu’s price history shows a peak of $0.000083 in 2021. It then fell dramatically to $0.000007 in 2022, entering a lengthy consolidation phase between 2023 and 2024, which saw minor fluctuations. In early 2024, Shiba Inu began to rise again, moving above $0.000044, although it faced a drop back to $0.00001. Currently, it is on an upward trajectory, aiming for $0.00003.
Shiba Inu’s Next Price Target at $0.00049
As Martinez draws parallels between Dogecoin and Shiba Inu’s price movements, he has shared a positive outlook for SHIB.
Compared to Dogecoin’s rapid growth, Shiba Inu has only seen a small portion of that momentum. If Shiba Inu can maintain its recent upward momentum akin to DOGE, Martinez anticipates that SHIB could rise to a new all-time high of $0.00049.
This increase would represent a notable 1,941% rise from its current price. At the time of writing, Shiba Inu is valued at $0.0000248, reflecting a 2.9% rise in the past 24 hours and a 4.3% increase over the last week.