The Epic Comeback of Shiba Inu
Once deemed the underdog of the meme coin world, Shiba Inu (SHIB) has seen a remarkable turnaround against its long-time rival, Dogecoin (DOGE). After scraping the bottom at 0.00000993 DOGE in November 2022, SHIB bounced back with fervor, soaring close to 100% by February 2023, reaching 0.00001638 DOGE!
Why the Sudden Surge?
The impressive rebound can be linked to heightened investor enthusiasm surrounding Shibarium, a layer-2 blockchain that aims to provide a more seamless transaction experience on the Ethereum mainnet. This was announced on January 16, 2023, and with Shibarium’s launch just around the corner on the February 14, investors are understandably excited.
Dogecoin’s Dog Days
While SHIB danced with glee, Dogecoin found itself in a bit of a pickle. Elon Musk’s decision to suspend a DOGE tipping bot for alleged rule violations left the community feeling a bit deflated. As one frustrated user tweeted, the bot had been doing wonders to promote Dogecoin.
2023 Performance Report Card
- SHIB/USD: Up almost 85%
- DOGE/USD: Up 36%
Both meme coins are kicking off 2023 with gusto, proving that despite the rivalry, there’s enough love in the community for both furry friends.
What Lies Ahead for SHIB and DOGE?
Technical indicators suggest that SHIB might continue its positive trend. Predictions hint that the pair could climb to 0.00002181 by March 2023, a sweet 40% leap from current levels.
Pitfalls Ahead: Price Corrections Looming
However, it’s not all sunshine and rainbows. February could reveal a different narrative for both SHIB and DOGE. On the DOGE front, analysts detect a potential rising wedge pattern, indicating a looming correction, with a downside target around $0.0850.
SHIB isn’t off the hook either. Currently showing signs of being overbought with a relative strength index soaring over 81, it’s facing resistance around $0.00001517. If this wall holds, we might just see SHIB tumble to $0.00001300–$0.00001300 in short order.
To continue making profits in the meme coin arena, investors should keep an eye on these fluctuating trends and adapt their strategies accordingly—after all, it’s always more fun watching these two coins duke it out in the price arena.
