Shiba

Dogecoin

2024

Shiba Inu

Shiba Inu is up by 7% in the past 24 hours amidst an uptick in the meme coin market, coming ahead of Dogecoin at this time. The meme coin niche has witnessed a strong resurgence in the past day, with the entire niche up by 7.82%. Shiba Inu has particularly done well and witnessed a strong volume of interest amidst this uptick. Interestingly, this uptick in volume for SHIB has surpassed DOGE, with on-chain data <a href="https://bitcoinist.com/3000-surge-for-shiba-inu/" rel="nofollow">suggesting SHIB could do better</a> in the short term. At the same time, crypto analyst Ali Martinez has revealed a phenomenon that could lead to a 20% upswing for SHIB. 
<h2 id="shiba-inu-volume-flips-dogecoin">Shiba Inu Volume Flips Dogecoin</h2> 
<a href="https://coinmarketcap.com/currencies/shiba-inu/" rel="nofollow">Data from Coinmarketcap</a> shows that Shiba Inu has witnessed a trading volume increase of 320% in the past 24 hours. The metric, on Dogecoin’s side, was an increase of 160%. The crypto, which has been trading inside a descending channel for a while, is now appearing to make a push above.&nbsp; 
Related Reading: <a href="https://www.newsbtc.com/news/solana/solana-1100-move-headed-next/">Analyst Who Predicted Solana’s 1,100% Move Reveals Where The Altcoin Is Headed Next</a> 
Although current data from analytics platform IntoTheBlock (ITB) suggests <a href="https://app.intotheblock.com/coin/DOGE/deep-dive?group=ownership&amp;chart=timeHeld" rel="nofollow">DOGE </a>is still holding on for a longer-term overperformance over <a href="https://app.intotheblock.com/coin/SHIB/deep-dive?group=ownership&amp;chart=timeHeld" rel="nofollow">SHIB</a>, SHIB is starting to position itself to outperform DOGE in the short term on a cost basis. According to ITB’s holding by time metric, DOGE has seen a 1.86% increase in the number of holders in the past 30 days, compared to a 0.43% increase for SHIB. ITB terms holders as passive investors that have held the asset for more than one year.&nbsp; 
However, the number of cruisers (investors holding between 1 to 12 months) flips the short-term interest in the favor of SHIB. As of this writing, SHIB’s cruisers have increased by +5.69% in a 30-day timeframe. The metric, on DOGE’s side, shows a 2.44% decrease. 
<img loading="lazy" decoding="async" class="wp-image-299942 size-medium" src="https://i0.wp.com/bitcoinist.com/wp-content/uploads/2024/05/Shiba-inu-1.png?resize=512%2C341&amp;ssl=1" alt="Shiba inu" width="512" height="341" data-recalc-dims="1"> 
<h2 id="shib-to-breakout-of-parallel-channel">SHIB To Breakout Of Parallel Channel</h2> 
The recent increase in volume and short-term activity suggests that <a href="https://www.newsbtc.com/shiba-inu/350-surge-for-shiba-inu/">SHIB is ready to break out</a> of a descending parallel channel of lower highs. As pointed out on social media by crypto analyst Ali Martinez, SHIB has been trading in a descending parallel channel since the last week of April. Current price action shows SHIB is now at the upper end of the descending and is at a critical junction for a breakout or reversal.&nbsp; 
Related Reading: <a href="https://www.newsbtc.com/news/bitcoin/level-to-beat-bitcoin-76000/">Analyst Points Out Level To Beat If Bitcoin Is To Reach $76,000</a> 
According to the analyst, a breakout from this channel at $0.00002444 could lead to another 20% upswing to $0.00002954. The price target serves as the highest point of the descending channel under consideration. A further surge could see SHIB returning back to the $0.00003 price territory.&nbsp; 
<blockquote class="twitter-tweet"> 
 If <a href="https://twitter.com/hashtag/ShibaInu?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#ShibaInu</a> breaks the upper boundary of this descending parallel channel at $0.00002444, <a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$SHIB</a> could witness a 20% upswing to $0.00002954! <a href="https://t.co/z5qBKiiyNy" rel="nofollow">pic.twitter.com/z5qBKiiyNy</a> 
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1790023610159001968?ref_src=twsrc%5Etfw" rel="nofollow">May 13, 2024</a>
</blockquote> 
At the time of writing, SHIB is trading at $0.0000236. Failure to break above $0.00002444 could send the cryptocurrency back down as far as $0.0000211. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/EdY2hSum/" alt="Shiba Inu price chart from Tradingview.com (Dogecoin)" width="3286" height="1576">

Shiba Inu Volume Flips Dogecoin, Will SHIB Price Flip DOGE If This Analyst’s Prediction Comes True?

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