With Bitcoin (BTC) climbing back to $80K, the outlook for crypto markets appears positive, leading to expectations of a rally in altcoins. Among memecoins, the spotlight is on whether Dogecoin (DOGE) or Shiba Inu (SHIB) will take the lead in this potential rally. Recent trends suggest that Shiba Inu may have the upper hand due to its performance compared to DOGE in recent days. As Bitcoin continues to show bullish signs and holds above $80K, the possibility of a rally in Shiba Inu looks more promising.
Investors have shown more interest and commitment towards SHIB rather than DOGE, with Elon Musk’s involvement in the former impacting its popularity. Shiba Inu was specifically created to compete with Dogecoin, leading to significant rallies in its early days. This positions SHIB as a potential outperformer in comparison to the original dog-themed meme coin. Analyzing the price action of Dogecoin shows that it is currently finding support levels, with key resistance levels being crucial for bullish reversals and uptrend continuation. A breakout above certain levels could signal a potential rally for DOGE.
On the other hand, Shiba Inu’s price action suggests that it has breached resistance levels and now needs to overcome a specific hurdle to confirm a bullish trend. If successful, SHIB could potentially see a significant price increase. Given Shiba Inu’s positioning as a Dogecoin-killer, it is likely to lead the meme coin pack, with DOGE following its trajectory. In conclusion, the current market dynamics indicate a favorable outlook for Shiba Inu in the ongoing crypto rally.
