The famous meme coin is making headlines with a surge in price as Bitcoin (BTC) struggles to hold the $20,000 level.
SHIB will follow in DOGE’s footsteps
While Dogecoin (DOGE) is gaining a lot of momentum, investors are wondering if rival memecoin Shiba Inu (SHIB) will do the same. SHIB’s recent gains pale in comparison to DOGE’s rally. However, traders and analysts are optimistic about a potential memecoin rally next week due to the continued hype and the influence of Musk. DOGE has more than doubled in value over the past week. The price of DOGE has surged due to Elon Musk’s acquisition of Twitter earlier this week. According to experts, SHIB may also continue to gain momentum due to a number of factors. DOGE is currently trading at $0.1367, up 57.50% in the past 24 hours, according to price monitoring platform CoinMarketCap. Shiba Inu is currently trading at $0.00001361, up 17.36% in the past 24 hours.
Dogecoin, currently ranked 8th, has surpassed Cardano (ADA) in terms of market capitalization. DOGE’s total market capitalization is currently $17.95 billion. If SHIB continues to strengthen over the weekend, there is a chance to break into the top 10. SHIB, currently ranked 12th, has a market capitalization of $7.54 billion. Meanwhile, former U.S. Congressman and cryptocurrency advocate David Gokhshtein has claimed that SHIB will soon be in the top 10 and said he would not be surprised.
What does a Shiba Inu need?
According to experts, the current bear market must end first before the SHIB price can rise. It is also important for SHIB to continue its projects and partnerships along the way. Use cases and adoption rates can also play a role in reaching new highs. An important factor driving the price of Shiba Inu is the launch of a series of NFTs known as Shiboshi.
In the process, the recovery of the NFT boom is also important. Most importantly, the continuation of investor interest and social media activity. Listing SHIB on different exchanges and having the backing of prominent people may also affect the price. However, SHIB is also expected to rebound sharply given Musk’s influence this week.
Source of information: Compiled from COIN-TURK by 0x information.The copyright belongs to the author Serkan Aydın and may not be reproduced without permission