A renowned crypto analyst has drawn striking parallels between the price movements of Dogecoin (DOGE) and Shiba Inu (SHIB), suggesting that both meme coins are following similar trajectories. While highlighting their analogous behavior, the analyst has also provided an optimistic forecast for Shiba Inu, hinting at a potential bullish breakout in the near future.
In a recent X (formerly Twitter) post, prominent crypto analyst Ali Martinez highlighted that Shiba Inu's current price movements resemble Dogecoin's historical patterns. Martinez emphasized that this resemblance could indicate a similar upward trajectory for SHIB, akin to DOGE’s prior surges.
Earlier this month, Dogecoin witnessed a substantial rally, with its price skyrocketing from $0.10 to $0.40, representing a 300% increase. Although DOGE has since corrected to around $0.30, its overall performance for November remains remarkable, boasting double-digit percentage gains. This upward momentum has been largely attributed to bullish factors, including the aftermath of the U.S. Presidential elections and Elon Musk’s influential backing.
Historically, Dogecoin achieved its all-time high (ATH) of $0.73 in 2021, followed by a sharp decline to as low as $0.05 in 2022. Subsequently, $DOGE began a gradual recovery, crossing the $0.10 mark by late 2022. After a period of consolidation, Dogecoin rallied to $0.20 in early 2024, before briefly dipping back to $0.10. Most recently, DOGE surged to $0.40, driven by renewed market optimism.
Shiba Inu’s price chart reveals a similar narrative. In 2021, $SHIB reached its ATH of $0.000083, only to plummet to $0.000007 in 2022. Following this steep correction, Shiba Inu entered a prolonged consolidation phase between 2023 and 2024, characterized by mild fluctuations and brief rallies.
In early 2024, Shiba Inu began to show signs of recovery, with a notable rally pushing its price above $0.000044. Although SHIB experienced a subsequent pullback to $0.00001, the coin is now in a steady uptrend, with analysts projecting a potential target of $0.00003 in the near term.
Ali Martinez’s comparative analysis doesn’t stop at identifying the parallels between DOGE and SHIB. The analyst has also forecasted a bullish target for Shiba Inu, projecting the coin could reach $0.00049—a significant milestone representing a 1,941% increase from its current price.
At the time of writing, Shiba Inu is trading at $0.0000248, reflecting a 2.9% gain in the past 24 hours and a 4.3% increase over the last seven days. If SHIB sustains its DOGE-like momentum and continues to attract investor interest, it could potentially break into uncharted territory and achieve a new ATH.
