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

Dogecoin is having a ruff time against underdog Shiba Inu.

, and Blockhead

6 February 2023 . 1:05 PM

2 min read

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.

pic.twitter.com/hBSpXCuO1j
— Shib (@Shibtoken) February 4, 2023

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.

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

Hey @elonmusk 👋

Our Tipping bot @MyDogeTip got suspended for no reason. It was a good bot used to spread Dogecoin across the community. 🙏 pic.twitter.com/4PTa1siOA7
— DogeDesigner (@cb_doge) February 1, 2023

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.

🚨 449,999,668,412 #SHIB (5,509,570 USD) transferred from #Binance to unknown wallethttps://t.co/HmtcNsBlPl
— Whale Alert (@whale_alert) February 3, 2023

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."