Key Insights
- Elon Musk, the richest man in the world, is a fan of DOGE and has openly endorsed it since 2020.
- Over the last week, DOGE has been the best-performing mainstream cryptocurrency on the market.
- On the other hand, Shiba Inu was also one of the best-performing assets last week but only moved slightly compared to Dogecoin.
Over the past few years, there has been an unspoken rivalry between two of the biggest memecoins in the world, DOGE and SHIB.
DOGE, the 8th largest cryptocurrency in the world by market cap, was created in 2013 by engineers Billy Markus and Jackson Palmer. So far, the cryptocurrency has risen through the ranks despite all odds and is arguably the most famous memecoin in the world.
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Elon Musk, the richest man in the world, is a fan of DOGE and has openly endorsed it since 2020.
On the other hand, Shiba Inu is the 13th largest cryptocurrency by market cap. It was created by an anonymous developer known as “Ryoshi,” who took a page from the book of bitcoin’s creator(s) and disappeared right after creating the memecoin.
Regarding market penetration and blockchain advancements, these two memecoins are fiercely competitive and have been in a figurative fighting pit for years.
In this article, we attempt to compare both in terms of price action and several other metrics.
DOGE v/s SHIB in the Charts
Over the last week, DOGE has been the best-performing mainstream cryptocurrency on the market.
During the heat of the flash pump last week, the memecoin soared and registered a 110% gain in only 7 days.
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The bullish pressure on the memecoin appears to now be cooling. However, Dogecoin is still 68% up in the last seven days and is the best-performing mainstream asset of 2022’s fourth quarter.
On the other hand, Shiba Inu was also one of the best-performing assets last week but only moved slightly compared to Dogecoin.
Compared to Dogecoin, Shiba Inu could only move about 30% to the upside. In part, Shiba Inu’s comparatively weaker performance may be due to its inability to break the $0.00001417 resistance zone.
SHIB Hits Record Low Against DOGE
After breaking the 0.00001635 support to the downside, the SHIB/DOGE chart price declined heavily and hit the lowest point ever on 1 November.
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After breaking through 0.00001635, the pair continued to tumble, eventually breaking through the 0.00001296 zones that have acted as strong support since November 2021.
SHIB Price Action
The pair has tested this 0.00001296 support a total of twice. Once in November 2021 and once in May 2022. After testing the 0.00001296 zones in May 2022, the price entered a 100% rally to the upside in the three following months.
Interestingly, after price rallies on the SHIB/DOGE pair, the price targets almost end at the 0.00002152 support (purple).
After hitting this level in early September this year, the pair entered a bearish phase, with the breakdown of the 0.00001635 zones being the straw that broke the camel’s back.
Interestingly enough, the SHIB/DOGE pair can be viewed from a different angle. The pair’s price action fits perfectly inside a descending channel, and this massive drop in SHIB/DOGE may all be part of a larger picture.
It is safe to assume that Shiba Inu will soon be in for a massive rise against Dogecoin. As per calculations, such a massive rise in the price of Shiba Inu (compared to Dogecoin) is expected to happen in the first quarter of 2023 at the latest.
DOGE, SHIB May Drop Relative to the US Dollar
As illustrated by the rest of the article, the price of Dogecoin increased by more than 100% against the dollar in October as speculation about its integration into Twitter continues to mount.
This rise over the last 10 days has DOGE’s daily RSI above 95, making it the most overbought cryptocurrency since April 2021. As of this week, the coin is still overbought from a technical standpoint, suggesting that a massive price correction might occur soon.
It is safe, at this point, to speculate that Dogecoin may fall right back to the $0.06 zone against the dollar very soon.
Meanwhile, Shiba Inu was in profit for October, like Dogecoin. While DOGE’s daily RSI is still heavily in the overbought 79 zones, Shiba Inu’s is in the neutral 54.33 range as of 3 November. This indicates less bearish pressure than DOGE.
Nonetheless, Shiba Inu is still at risk of a decline to $0.00001088, despite ending October with a 10.5% profit.
Analyst’s prediction on Shiba Inu | Source: Il Crypto Capo/Twitter
According to a tweet from a crypto analyst, “Crypto Capo,” Shiba Inu may even fall harder than anticipated to the $0.0000068 zone in the coming weeks, as illustrated above.
Disclaimer: Voice of crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
