Speculation is rife that the rebranding of Twitter into X could lead to renewed interest in the OG memecoins like Dogecoin and Shiba, further bolstering SHIB’s performance. This speculation is fueled by the early support of Elon Musk, the “Doge father”, for Dogecoin.
Musk’s tweets and promotions have historically influenced Dogecoin’s price and generated attention for the cryptocurrency.
Riding on Dogecoin’s coattails, Shiba Inu emerged in 2020 as an immediate contender to the memecoin crown by heavily borrowing elements from Doge, including the same dog breed name and mascot. This has led to a lighthearted rivalry between the two communities, with supporters of each token competing to push their preferred memecoin higher up the market cap charts.
While Dogecoin is the original memecoin with deep ties to internet culture, Shiba Inu may stand to gain more from Twitter’s increased crypto focus under Elon Musk. That’s because the core Shiba Inu developers and community have been much more active in building real technology and products compared to the stagnant Dogecoin project.
Shiba Inu boasts a vibrant ecosystem of DApps like the Shibarium L2 solution, Shi metaverse, upcoming Shibanet blockchain, and more. With its greater tech momentum, Shiba Inu is well-positioned to integrate with a Twitter platform embracing crypto. Partnerships could drive utility for the SHIB token. In contrast, Dogecoin lacks meaningful development, making it poorly equipped to capitalize on web3 trends. Shiba Inu’s comparatively advanced roadmap gives it an edge over Dogecoin in taking advantage of a Twitter potentially intertwining with crypto and metaverse adoption.
Shiba Price Analysis
In the detailed Altfins analysis, Shiba Inu (SHIB) has shown a much more stable performance than more serious assets, even as it navigates a bearish breakout from a Falling Wedge pattern. The price made a new Lower Low, a sign of a downtrend, breaking below the key level of $0.000008 that held up back in late 2023. However, the price got very oversold (RSI < 25) near the $0.0000055 support area and bounced up. Now, the price is approaching the $0.000008 resistance.
The current trade setup is a waiting game. We wait for the price to either 1) break back above $0.000008 to signal a possible trend reversal, or 2) pull back to $0.0000055 again for another swing trade entry. This would be a higher risk trade setup since the overall trend is down, so setting a price alert is advised.
The pattern in play is an Ascending Triangle, a continuation pattern that typically breaks out in the direction of the existing trend. Most traders wait for a breakout, but Swing traders could trade between the trendlines (Buy at Support, Sell at Resistance) as long as the trendlines are still relatively far apart.
The trend is mixed: it’s an Uptrend on a Short-Term basis, Neutral on a Medium-Term basis, and Downtrend on a Long-Term basis. Momentum is also mixed as the MACD Line is above the MACD Signal Line (Bullish) but RSI is around 50 (Neutral).
The nearest Support Zone is at $0.0000055. The nearest Resistance Zone is at $0.0000080 (previous support), then $0.0000100, and $0.00001200.
Shiba Inu’s Surprising Performance and the Shibarium Layer 2 Testnet
Shiba Inu has outperformed a significant portion of the crypto market, adding more than 20% to its value. The Shibarium Layer 2 testnet, SHIB’s own blockchain, has reached 32 million total transactions, indicating an increase in network utility. Crypto lending platform CoinRabbit has reaffirmed its support for Shibarium, potentially contributing to SHIB’s price surge.
Despite its reputation as a volatile meme-based cryptocurrency, these developments suggest a potentially interesting future for Shiba Inu.
