Analyst Says the Shiba Inu Price 'Looks Like Dogecoin', Shares New Target

A crypto analyst has drawn a definite comparability between the Dogecoin and Shiba Inu worth actions, noting that the trajectory of each meme cash carefully mirrors one another. Whereas he factors out these similarities, the analyst has projected the subsequent bullish goal for Shiba Inu as its worth motion reveals indicators of a possible uptrend.

Shiba Inu Value Vs. Dogecoin Value Actions

In an X (previously Twitter) put up, Ali Martinez, a distinguished crypto analyst, revealed that the Shiba Inu worth habits is displaying indicators that it may comply with an identical upward development to Dogecoin.

Earlier this month, the Dogecoin worth recorded an enormous spike that pushed its worth from $0.1 to $0.4. Whereas the meme coin has since corrected to across the $0.3 degree, Dogecoin’s worth efficiency this November stays spectacular because it has witnessed double-digit positive aspects.

Regardless of nonetheless being in its early phases, Shiba Inu has been gaining regular traction, very similar to DOGE did earlier than its explosive progress. Martinez’s Dogecoin and Shiba Inu worth chart reveals that from 2021 to 2024, each meme cash have been showcasing eerily related worth motion.

Supply: X

In 2021, Dogecoin skilled a historic worth surge that led to its all-time excessive of $0.73. Nevertheless, this was adopted by a pointy decline, with the meme coin dropping to $0.05 sooner or later in 2022. After this vital worth correction, Dogecoin noticed a modest restoration, rallying above $0.1 by late 2022 and early 2023. The cryptocurrency then entered a interval of consolidation and additional decline earlier than rising to $0.2 in early 2024.

Following a quick drop again to $0.1, Dogecoin not too long ago surged to $0.4, pushed by bullish catalysts such because the concluded US Presidential elections and Elon Musk’s affect.

However, the Shiba Inu worth chart reveals that it surged to an ATH of $0.000083 in 2021, adopted by an enormous decline to $0.000007 in 2022. After this, the meme coin entered a protracted consolidation part between 2023 and 2024, marked by minor positive aspects and additional declines.

In early 2024, Shiba Inu additionally started a restoration, experiencing a big worth rally that pushed it above $0.000044. Regardless of experiencing one other pullback to $0.00001, the meme coin is now in an uptrend, focusing on $0.00003.

Shiba Inu Value Subsequent Goal At $0.00049

As Martinez identifies similarities between the Dogecoin and Shiba Inu worth actions, the analyst has additionally shared an optimistic forecast for SHIB.

In comparison with Dogecoin’s explosive progress, the Shiba Inu worth has solely captured a fraction of its momentum. If Shiba Inu can maintain its current DOGE-like momentum, Martinez has projected that SHIB may rise to a brand new all-time excessive of $0.00049.

Such a transfer would mark a powerful 1,941% worth enhance from present worth. As of writing, the value of Shiba Inu is buying and selling at $0.0000248, marking a 2.9% enhance within the final 24 hours and one other 4.3% surge over the previous seven days.