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Shiba Inu May Gain 40% Against Dogecoin in Coming Weeks

Cryptocurrency Feb 05, 2023 08:45
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Shiba Inu May Gain 40% Against Dogecoin in Coming Weeks

  • Technical indicators suggest that SHIB may strengthen 40% against DOGE.
  • Fundamental indicators for DOGE look pale after Elon Musk banned DOGE-tipping bot.
  • SHIB and DOGE risk dropping 10% and 13% respectively against the dollar this month.

Technical indicators for the meme coin, Shiba Inu (SHIB), suggest that another 40% rally may be in store for the crypto versus Dogecoin (DOGE) as Shibarium comes into focus.

Daily chart for SHIB/DOGE (Source: CoinMarketCap)

On 4 February, 2023, the SHIB/DOGE pair reached 0.00001638 DOGE, which is almost a 100% increase in the last three months. This comes after it bottomed out at 0.00000993 DOGE – its lowest level on record.

This sharp recovery came as investors’ focus shifted towards the upcoming launch of Shibarium – a Shiba Inu-backed layer-2 blockchain built on the Ethereum mainnet which was announced on 16 Jan, 2023.

The price of SHIB gained momentum amid reports that Shibarium will go live on 14 February, 2023. Meanwhile, fundamental indicators for DOGE looked pale in comparison after Elon Musk suspended a DOGE tipping bot for violating Twitter’s rules.

Several technical indicators currently suggest tha…

The post Shiba Inu May Gain 40% Against Dogecoin in Coming Weeks appeared first on Coin Edition.

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Shiba Inu May Gain 40% Against Dogecoin in Coming Weeks
 

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