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Shiba Inu Bites Back 100% at Dogecoin – Here's Why

Dogecoin is having a ruff time against underdog Shiba Inu.

Image credit: Jaycee Xie on Unsplash

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Shiba Inu is continuing its rally, recovering its losses against rival memecoin Dogecoin.

Over the weekend, SHIB/DOGE jumped 30% to reach 0.00001638 DOGE, signalling a 100% rise from its ATL of 0.00000993 DOGE three months ago.

To commemorate SHIB's price surge, the official Shiba Inu Twitter account shared a GIF of a Shiba mascot lifting a trophy.

It's not just technical patterns pushing SHIB's price up either. SHIB has gained momentum following its announcement on 16 January 2023 that Shiba Inu backed layer 2 blockchain Shibarium would go live on 14 February 2023.

Read more: Degen Season Again? Shiba Coin Launches Ethereum L2

Meanwhile, on team DOGE, fundamentals have suffered ever since Elon Musk suspended a DOGE tipping bot from Twitter.

Who let the dogs out?

With all the hysteria surrounding SHIB, whales are getting in on the action. On Thursday, 10 different SHIB transfers, ranging between $5.7 million to $6.4 million in value, were noticed on the Ethereum blockchain. The 10 transactions totalled $75,660,000 worth of Shiba Inu.

One whale alone reportedly moved 1.62 trillion Shiba Inu tokens worth $21 million from a Binance account to an unknown wallet address.

Another moved 499,999,668,400 SHIB, again from Binance to an unknown wallet, whilst 126.1 billion SHIB valued at $1.6 million was also moved.

What next?

Further technical analysis suggests that Shiba's price could jump another 40%.

According to CoinGape, a bullish breakout from the US$0.000014 level could set Shiba for a 40% jump.

"In an ideal bullish scenario, this breakout may push the SHIB price 40% higher to hit the $0.00002 psychological barrier," CoinGape's Brian Bollinger said.

Cointelegraph has a similar target: "Based on historical cycles, the pair could climb to 0.00002181 by March 2023, which would be a 40% gain from current price levels."

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