Shiba Inu Trails Dogecoin With 9% Rally – Will SHIB See Further Gains?
April 05 2023 - 6:50AM
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Shiba Inu is doing really well in the world of meme
cryptocurrencies. In the last week, its value has gone up a lot
more than other cryptocurrencies. Coingecko data shows SHIB’s value
has soared to $0.00001136, increasing 8.5% in the last seven days,
though it did poorly in the last 24 hours. The meme coin is up 3.2%
in the last two weeks. Source: Coingecko However, despite its
impressive performance, SHIB’s gains fall short compared to its
meme competitors. Dogecoin, for instance, made leaps and bounds,
skyrocketing over 30% during the same period. The question on
everyone’s minds now is, will SHIB continue its relentless climb,
keeping pace with the mighty DOGE? Source: Coingecko Shiba Inu
Price Pulled Up As Dogecoin Rallies The catalyst for SHIB’s
incredible surge came when Elon Musk, the self-proclaimed
“Dogefather”, wielded his Twitter influence and replaced the social
media platform’s iconic blue bird logo with SHIB’s legendary Shiba
Inu symbol. From that moment on, SHIB’s price saw a steady
climb. Despite not holding any SHIB himself, Musk’s influence
has been known to affect the price of both DOGE and SHIB.
Over the years, these two meme cryptocurrencies have exhibited a
history of responding to each other’s movements, with one coin’s
price increase often leading to a surge in the other’s value. As
such, any action taken by Musk in relation to DOGE has the
potential to indirectly affect SHIB’s performance, and vice versa.
Where Will Shiba Inu Go From Here? Based on data from TradingView,
SHIB has shown positive price movement in the short term, with a
gain of 1.60% in just one day and a strong upward trend of 9.09% in
the past week. However, in the medium-term perspective, SHIB’s
growth has been more modest, with a gain of 2.70% over the last
month and 1.97% over the past six months. On the bright side, the
year-to-date performance of SHIB has been impressive, with a gain
of 41.44%, indicating that the overall trend for SHIB is upward.
However, it is important to note that SHIB has experienced
significant volatility, as seen in its drastic one-year loss of
56.90%. Related Reading: These Top 5 Meme Coins Are Bleeding As
March 2023 Ends – Here’s Why SHIB total market cap currently at
$6.5 billion on the daily chart at TradingView.com Related Reading:
Chiliz Heats Up With 10% Rally – Will CHZ Push Higher This Week?
Despite its volatility, SHIB has shown a positive price trend over
the last five years, with a gain of 14%. It is also worth
mentioning that SHIB is a relatively new cryptocurrency, having
only been launched in 2020, and so it’s still too early to
determine its long-term potential. Overall, the short-term and
year-to-date performance of SHIB has been positive, suggesting a
strong bullish trend. However, it’s important to keep in mind that
SHIB’s volatility and overall market trends could influence its
future price movements. -Featured image from Jason Edwards/Getty
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