The Shiba Inu price has been left behind in the meme coins rally. The coin has jumped by just 5% in the past 24 hours and by more than 16% in the past seven days. On the other hand, the Dogecoin price has jumped by more than 27% in the past seven days. Its total market cap has surged to more than $42 billion while Shiba Inu is valued at more than $3.52 billion.
Shiba Inu and Dogecoin are the two biggest meme coins in the world, with a combined market capitalization of more than $46 billion. Still, the two are significantly different.
For one, Dogecoin is designed to be an alternative to both Bitcoin and fiat currencies like the US dollar. People can use Dogecoin for buying and selling in stores that accept it. Still, because of its volatility, very few stores accept it. At the same time, the Dogecoin ecosystem has grown to be widely known. It is even supported by Elon Musk, the richest person on earth.
Meanwhile, Shiba Inu is a decentralized meme token that grew to become a vibrant ecosystem. According to the developers, SHIB is the foundational currency that allows investors to hold billions or even trillions in their wallets. The ecosystem also has LEASH, which has a limited supply of 107,646 coins and Bone that has more than 250 million coins.
The four-hour chart shows that the Shiba Inu price has been in a strong bullish trend in the past few weeks. The coin has risen by more than 60% from its lowest level since July. Along the way, the coin has moved above the 25-day and 50-day exponential moving averages. These two averages have gave it a strong support.
The price is slightly below the important resistance level at $0.0000096, which was the highest level on June 29th. It also seems like it is forming a cup and handle pattern. Therefore, I suspect that the coin will find some resistance as it reaches the resistance at $0.0000096. Still, overall, the trend remains bullish.
I wrote a relatively bullish DOGE price prediction yesterday. The four-hour chart shows that the coin managed to move above the key resistance at $0.2915, which was the highest level on June 25. The coin is still being supported by the short and long term moving averages.
Therefore, like I wrote yesterday, I suspect that the coin will do a break and retest pattern. In this, it will likely retest the support at $0.2900 and then resume the bullish trend.