A crypto analyst has drawn a distinct comparison between Dogecoin and Shiba Inu Price movements, noting that the trajectory of the two meme pieces closely mirror each other. While emphasizing these similarities, the analyst projected the next bullish target for Shiba Inu as its price action shows signs of a potential upward trend.
Shiba Inu Price Vs. Dogecoin Price Movements
In an X (formerly Twitter) jobAli Martinez, a prominent crypto analyst, revealed that the price behavior of Shiba Inu shows signs that it could follow an upward trend similar to that of Dogecoin.
Earlier this month, the price of Dogecoin saw a massive surge that took its value from $0.1 to $0.4. Although the meme coin has since corrected around the $0.3 level, Dogecoin’s price performance in November remains impressive as it has done. experienced double-digit gains.
Although it is still in its infancy, Shiba Inu is gaining traction, just like DOGE before its explosive growth. that of Martinez Price of Dogecoin and Shiba Inu The chart shows that from 2021 to 2024, the two meme coins exhibited eerily similar price action.
In 2021, Dogecoin saw a historic price surge this led to its all-time high of $0.73. However, this was followed by a sharp decline, with the meme coin falling to $0.05 at some point in 2022. After this significant price correction, Dogecoin has seen a modest recoveryrising above $0.1 in late 2022 and early 2023. The cryptocurrency then entered a period of consolidation and further decline before rising back to $0.2 in early 2024.
After a brief decline to $0.1, Dogecoin recently surged to $0.4, driven by bullish catalysts such as US presidential elections And The influence of Elon Musk.
On the other hand, the Shiba Inu Price Chart shows that it climbed to an ATH of $0.000083 in 2021, followed by a massive decline to $0.000007 in 2022. After that, the meme coin entered a prolonged consolidation phase between 2023 and 2024, marked by minor gains and further declines.
At the beginning of 2024, Shiba Inu too started a recoveryexperiencing a significant price rally that pushed it above $0.000044. Despite another pullback to $0.00001, the meme coin is now in an uptrend, targeting $0.00003.
Shiba Inu price next target at $0.00049
While Martinez identifies similarities between Dogecoin and Shiba Inu Price Movementsthe analyst also shared an optimistic forecast for SHIB.
Compared to The explosive growth of Dogecointhe Shiba Inu price has only captured a fraction of its momentum. If Shiba Inu can maintain its recent DOGE-like momentum, Martinez predicted that SHIB could reach a new all-time high of $0.00049.
Such a move would mark an impressive 1,941% price increase from the current value. At the time of writing, Shiba Inu price is trading at $0.0000248, an increase of 2.9% in the last 24 hours and another 4.3% increase in the last seven days .
Featured image created with Dall.E, chart from Tradingview.com