SHIB Inches Closer to DOGE; Memecoin War Repeat?

SHIB Inches Closer to DOGE; Memecoin War Repeat?
  • Shiba Inu is once again the 12th largest cryptocurrency in market capitalization.
  • The memecoin war may resume if SHIB flips Polkadot.
  • SHIB must break the $0.000013 resistance first.

Shiba Inu (SHIB) continues its bullish move, making it into the top 12 cryptocurrencies in market capitalization. After a dismal performance in the last couple of months, SHIB bulls have proven that they are now holding control once again.

At the time of writing, SHIB price is at $0.000012, a 22% gain in the last 7 days. It also has a total market capitalization of $7.230 billion, as per CoinGecko. Earlier, CNL reported that SHIB is the leading altcoin held by the top 100 Ethereum whales.

SHIB/USDT 4-hr chart (source: TradingView)

SHIB flipped TRON, one of the crypto market’s beacons of hope in the last couple of months. Interestingly, Polygon (MATIC) has suffered a huge retracement despite stealing the spotlight in the last couple of days.

Currently, only Polkadot (DOT) stands in the way for SHIB to challenge its senior memecoin Dogecoin (DOGE). Should SHIB rise higher than its current retracement, then the memecoin war will ensue once more.

Of course, this will happen only if the Shiba Inu community continues to aggressively showcase its solidarity. 

Vitalik Buterin, Ethereum’s most known personality, recently graced an event that was supported by the Shiba Inu community. For those who may not be aware, Buterin is known for shilling SHIB.

Going back to the chart above, it appears SHIB is facing a stone wall at the $0.000013 resistance. This is a crucial level that investors and traders are keeping a close eye on. For SHIB to continue its uptrend, it must exceed this resistance and flip it into support. Once this happens, $0.000015 is the next price target.

Conversely, SHIB will retest its $0.000010 support if it loses momentum.

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Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.