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Bittime - Crypto market players are waiting for the bull run , a bullish phase or price strengthening, which is expected to occur in the near future. In this situation, crypto analysts began to provide their predictions and views on various crypto assets, including memecoins. Two names that are often in the spotlight are Shiba Inu (SHIB) and Dogecoin (DOGE).
Altcoin Sherpa, a veteran crypto analyst and trader, recently gave a bullish view on Shiba Inu in the upcoming bull run. He even predicts that SHIB has the potential to follow the rally (significant price increase) experienced by Dogecoin.
Previously, Altcoin Sherpa had highlighted the potential of DOGE. He stated that the DOGE chart is still bullish, with expectations of a massive price spike in the current crypto cycle. According to him, the increase to $1 is not surprising.
While he admits that Dogecoin (DOGE) will probably not generate as much profit as newer memecoins, such as Dogwifhat (WIF), Pepecoin (PEPE), and Bonk (BONK) due to its large market capitalization, he still sees DOGE as an attractive asset for investors because of its high liquidity.
Shiba Inu (SHIB): Dogecoin (DOGE)'s twin?
Interestingly, Altcoin Sherpa drew attention to Shiba Inu during his Dogecoin analysis. He emphasized that SHIB and DOGE have the potential to alternate as leaders in the memecoin space during the upcoming bull run.
The analyst observed that the Shiba Inu chart has similarities with DOGE. The data shows an accumulation phase of 658 days for SHIB. In that period, Shiba Inu (SHIB) recorded a high of $0.00001484 and a low of $0.00000714.
Altcoin Sherpa's reasoning for predicting similar price movements between DOGE and SHIB is based on several factors, including the fact that both are memecoins with similar market caps, even though DOGE has a capitalization value $10 billion larger than SHIB.
While he expects Shiba Inu to “hit big numbers” this cycle, Altcoin Sherpa chose not to provide specific price projections. He reminded that although SHIB has good liquidity, like Dogecoin, investors should not expect the asset to repeat the record price increases that occurred in 2021.
Shiba Inu (SHIB) Price Target: $0.0001?
As a reminder, Shiba Inu recorded one of the most significant price rallies in crypto history during the 2021 bull run. According to CoinGecko research, SHIB was able to turn $12 into $1 million in 453 days. While many investors expected a similar move, Altcoin Sherpa expressed doubts.
However, if Shiba Inu (SHIB) does follow Dogecoin's moves, as analysts predict, the token could also see a massive price spike. Currently, DOGE is trading at $0.1215. To reach the coveted price of $1, DOGE needs to experience an increase of 723%.
Meanwhile, Shiba Inu is currently trading at $0.00001280. If SHIB follows DOGE's growth path, with a rise of 723%, this crypto asset could potentially remove one zero from its price, thereby reaching a value of $0.0001054.
It is important to note that predictions from crypto analysts are not guarantees or financial advice. Investors should always do their own research and consider other factors before making an investment decision.
Check Shiba Inu (SHIB) Price Today on Bittime
Source: Bittime
On March 1, 2024, based on today's Bittime market, the price of Shiba Inu was observed to experience a decline of 3.48% in 24 hour trading, with the highest ATH reaching $0.00001450. Currently the price of BTC to USDT is $0.00001036 or the equivalent of IDR 0.16.
Also Read How to Buy Crypto:
Factors Affecting Shiba Inu (SHIB) and Dogecoin
Apart from Altcoin Sherpa's predictions, there are other factors that could influence the future performance of Shiba Inu and Dogecoin. Here are some of them:
1. Adoption and Utility
Both memecoins are working to increase their adoption and utility. Dogecoin recently announced a partnership with payment platform Flexa, enabling the use of DOGE for payments in retail stores.
Meanwhile, Shiba Inu is developing a “ ShibaSwap ” ecosystem that offers staking, decentralized exchange ( DEX ), and NFT services. Wider adoption and utility could have a positive impact on the prices of these two assets.
2. Crypto Market Sentiment
The performance of SHIB and DOGE will also be influenced by the overall crypto market sentiment. If the crypto market experiences a strong bull run, these two memecoins have the potential to increase as well. On the other hand, if there is a correction or significant price drop in the crypto market, Shiba Inu (SHIB) and DOGE are also at risk of experiencing a decline.
3. Regulation
Crypto regulation is still an issue that is not completely clear in various countries. Strict regulations could negatively impact the growth and adoption of SHIB and DOGE. On the other hand, clearer and friendlier regulations can provide certainty and encourage the growth of these two memecoins.
4. Technological Development
Innovation and development of blockchain technology can open new opportunities for Shiba Inu (SHIB) and DOGE. Integration with new technologies, such as Web3 and Metaverse, could increase the utility and appeal of these two memecoins.
5. Community
Both memecoins have very active and supportive communities. A strong community can help promote and adopt SHIB and DOGE, thereby positively impacting their prices.
Conclusion
Shiba Inu (SHIB) and Dogecoin (DOGE) are both memecoins that have the potential to grow in the future. Altcoin Sherpa's prediction about the SHIB rally following DOGE is one of the factors that is attracting investors' attention. However, it is important to remember that these predictions are not a guarantee and various other factors may influence the performance of these two assets.
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How to Buy Shiba Inu (SHIB) on Bittime
You can buy and sell Shiba Inu (SHIB) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Shiba Inu (SHIB) is available on Bittime with the market pair SHIB/IDR . To be able to buy SHIB/USDT on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Shiba Inu (SHIB) on Bittime .
Monitor the price chart movements of Shiba Inu (SHIB) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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