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After the explosive price performance of the popular meme-inspired cryptocurrency Shiba Inu (SHIB) today, its price has started to look much more attractive not only against the US dollar, but also against its main rival Dogecoin (DOGE).
Today, SHIB finally broke the $0.00003 mark, which is an important point for the cryptocurrency, and shows a gain of 16% during the day. Interestingly, the rise in Shiba Inu token prices has not occurred in coherence with the broader crypto market, or even in conjunction with the meme cryptocurrency segment, but rather on its own.
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Even DOGE, which has dominated the meme coin segment in recent weeks, is having a quiet Sunday on the price chart.
Consequently, the price ratio of SHIB Dogecoin reached 0.0000733 DOGE, which is the highest since the first decade of November. This fall, the Shiba Inu token saw a painful 68.36% drop in value against DOGE, and today’s result could reignite the rivalry narrative between these two coin giants.
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SHIB’s all-time high remains at 0.00029 DOGE, and the last time the token came close to this mark was in March, when the Shiba Inu token soared 400% in just a few weeks. For now, it’s been more of a time for Dogecoin to shine, but SHIB’s recent pump raises the idea of a catch-up game.
If this is indeed the case, market participants will see it in the coming days. But since there is still room for 200%+ growth for SHIB relative to DOGE, it is definitely something to watch. Especially since the market has already seen the Shiba Inu symbolic rally this year.