Shiba Inu's Price Surge Threatens Dogecoin's Position
Date: 2024-03-06 Author: Dima Zakharov Categories: BLOCKCHAIN
Shiba Inu Surges Ahead
As the cryptocurrency market rebounds from the downturn on March 5th, attention is drawn to the realm of meme coins, particularly Shiba Inu (SHIB) and Dogecoin (DOGE).
Remarkable Growth
Prior to the recent dip, both DOGE and SHIB experienced substantial growth, a trend that persists on monthly charts. SHIB, for instance, saw a 229% increase in the last seven days alone, elevating it to the 11th position in cryptocurrency rankings by market capitalization on CoinGecko.
Potential Market Shift
With a market capitalization of $21.6 billion, SHIB is now just 11% behind DOGE, which stands at $24.2 billion. Given SHIB's recent surge, the meme coin could potentially surpass the sector's pioneer.
Shiba Inu Analysis
Currently priced at $0.000036, SHIB might break resistance at $0.000040, although failure could lead to a drop below $0.000035.
Dogecoin Analysis
Despite signs of weakening in the previous uptrend, DOGE's price is on the verge of overcoming resistance at $0.17, with potential to reach $0.40 in a bullish scenario.
Conclusion
Both Shiba Inu and Dogecoin are experiencing significant movements, with SHIB potentially challenging DOGE's position in the cryptocurrency market.
