Two popular players in the crypto world, Shiba Inu (SHIB) and Dogecoin (DOGE), continue to attract investors’ attention. According to analysts, Shiba Inu has the potential to increase by 85%, following Dogecoin’s lead. These two meme coins control 62% of the total meme coin market, which makes them quite influential in the market.
How Does Dogecoin's Success Affect Shiba Inu?
Dogecoin has a strong position in the crypto market and has managed to leave behind major projects like Cardano and Tron. This has led analysts to suggest that Shiba Inu could also benefit from the success that Dogecoin has shown. Famous crypto analyst Ali Charts states that if Dogecoin maintains its momentum, the price of Shiba Inu could rise to $0.000049. If this prediction comes true, Shiba Inu will experience a significant increase, with an 85% increase from its current level.
Technical Analysis: Fibonacci Levels and Potential Uptrend
Dogecoin is giving hope to investors by rising above critical Fibonacci retracement levels. In particular, DOGE’s price action near $0.41, which corresponds to the 0.786 Fibonacci level, could provide more gains if it breaks this level. Shiba Inu is also approaching important levels in technical analysis. SHIB is currently moving towards $0.0000226, which corresponds to the 0.5 Fibonacci level. If it holds this level as support, an upward trend could begin. However, market support from Dogecoin will play a critical role in triggering this rise.
Dogecoin vs Shiba Inu Performance Comparison
Dogecoin has been showing signs of recovery lately, although it has been fluctuating. Starting at $0.3679, DOGE attracted attention by moving in a positive direction. Shiba Inu, on the other hand, lost 3.60% in value during the same period, which caused some questions among investors. These different price movements clearly reveal the market dynamics of Dogecoin and Shiba Inu. While Dogecoin stands out with its durability, the difficulties experienced by Shiba Inu create short-term uncertainty. However, Shiba Inu still has the potential to recover in the future.
Shiba Inu and the Future of Dogecoin
As a result, if Dogecoin continues to lead, Shiba Inu is also expected to benefit from this positive momentum and rise. Experts predict that SHIB and DOGE will play important roles in the crypto market by 2024.