- SHIB/DOGE pair was 100% up from the lower point three months ago.
- News of the Shibarium launch and crypto payments on Twitter fueled the rally.
In November 2022, SHIB was trading at the lowest price compared to its arch-rival DOGE but the tables have turned in the last three months. Shiba Inu is trying hard to dethrone Dogecoin from its top position as the memecoin darling.
February 4, 2023, saw the SHIB/DOGE pair reaching 0.00001638 DOGE, which is nearly 100% up from the point three months before, where it went down to 0.0000000993 DOGE, a record low level.
The possible reason could be the imminent launch of Shibarium, fueling the price northwards to the supply zone. Also, rumors of the layer 2 protocol launch on February 14, 2023, had caused the momentum to go up. In contrast, Musk’s decision to suspend the DOGE tipping bot in violation of Twitter’s rule could have slowed down its pace. Both the dog-themed meme coins have a great start in 2023, with SHIB/USD gaining 85% and DOGE/USD with a jump of 36%.
Where will SHIB/DOGE go from here?
Indicators and analysis hint at the SHIB/DOGE recovery trend, with positives of continuation in the coming weeks. According to historical cycles, and estimations, the pair could potentially rise to 0.00002181 by March 2023, which would be a 40% gain from the current price level.
DOGE & SHIB: Where do they stand individually?
Even though the recent run seems to portray SHIB winning the race, both the meme-coins face zephyr against the USD in February 2023. Looking at the market-leading memecoin DOGE, at the time of writing, it was trading at $0.09258 with a drop of 3.87%, its value against Bitcoin dropped by 1.67% and was at 0.0000004045 BTC. At the same time, Market Cap was down by 3.88% and at $12.2 billion, and its volume corrected by 33.75% to be at $694 million in the last 24 hours. Ranking at number 9 shares a market dominance of 1.15%.
The price seems to move slowly towards the supply zone, although its close vicinity with the demand zone could bring it closer to it before consolidating north.
Meanwhile, at the time of writing, SHIB was trading at $0.0000145 with a correction of 4.01%, and its value against Bitcoin suffered 1.79% to be at 0.000000000634 BTC. At the same time, its market cap also dropped by 4.03% and was at $7.9 billion, and its volume suffered by 28.63% and was at $888 million in the last 24 hours. Ranking at number 12, it shares a market dominance of 0.75%.
The huge candle and a clean breakout from the demand zone suggest a bull run ahead. But the massive size of the candle cannot be completely trusted, as after such a movement market tends to retrace. Nonetheless, with the Shibarium launch around the corner, the positivity surrounding the news could shorten the retracement and might fuel upward movement.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/02/06/shib-price-rebounds-100-against-doge-will-the-trend-continue/