Will SHIB ever overtake DOGE? Or is it just a meme that will soon turn into a dead coin? Comparing SHIB and DOGE price movements to analyze the future outlook of the token. Read more!
In the crypto industry, Dogecoin (DOGE) became the first real decentralized meme token. It seems like everybody in the world now knows Doge, whether via Elon Musk’s endless tweets or the strong support that it got from its community.
Dogecoin was created as a joke by two software engineers, named Billy Markus and James Parker back in 2013.
The face of a Shiba Inu dog is, since its birth, the logo of Dogecoin. DOGE was launched back in December 2013 and developed its strong online presence quickly.
Dogecoin (DOGE) in a High Time Frame
If you look at the multi-year chart of DOGE/USD, you see multiple accumulation ranges and rallies that can be compared.
Measured from the middle of the first accumulation range till today's price, DOGE is still up about 1,000 times.
The question is if Dogecoin is going into its accumulation zone right now and people should focus on other meme tokens in the meantime? Let’s compare the coin to its logo’s face: Shiba Inu.
Shiba Inu (SHIB)
Shiba Inu (SHIB) was launched back in August 2020 with a mission to be “the Dogecoin killer”. Until today, that hasn’t happened. But can it overtake the coin in the future? Can we even begin to compare the two? Let’s find out!
At the time of writing, Shib is marked as the 47th biggest cryptocurrency (update: ranks 41 now) with a market cap of $3,329,547,895. So, to overtake the Dogecoin from here, it needs to see a huge pump.
This trader, @btc_charlie, was smart enough to believe in the hype. He bought some SHIB tokens right after it launched. Why? Hype moves markets and he wanted to be invested in the coin before the masses got into it.
So, Shiba Inu also had a crazy rise in valuation in a short period of time. However, if you look at DOGE, even after the initial rise, it can be really rewarding to just dollar cost average during an accumulation range afterward.
Let’s check if Shiba Inu is inside an accumulation range right now.
Shiba Inu in a Daily Chart
On this chart, the first accumulation range from August 2020 till April 2021 isn’t visible.
Given the state of the market right now, and how fast everything is developing, it would be rather strange to see another three-year accumulation range. If Shiba Inu manages to break above the range and possibly retest it, you may see another big impulsive move to the upside again.
Do you think it is possible for Shiba Inu to reach the former highs again?
Things to Consider
One should note that when DOGE had the same market cap in January 2021, as Shiba Inu has right now, its price jumped about 30 times.
It is necessary to always do your own research. These numbers are estimations made by the writer considering previous charts and price movements, therefore, highly speculative.