In the last seven days, the price of Shiba Inu token increased by more than 11% against Dogecoin, the headliner of the meme token sector and main competitor of SHIB. In the absence of any news on either side, it seems that this increase was directly caused by the price action of both crypto assets, which we will look into in this article.
SHIB, DOGE price action
The main credit for the rise in the SHIB price lies with DOGE's continued decline. After closing last week at -11%, the Dogecoin price continued to decline into the new week, having lost 4% since its start. Nevertheless, an important zone around $0.087 was maintained, which is a positive signal.
At the same time, against the dollar, the price of Shiba Inu also fell, but at a less dramatic pace. In the period under review, SHIB recorded a 5.2% decline, half of which occurred on the first day of this week. Shiba Inu, like Dogecoin, continues to hold an important support zone, which it has at $0.0000085.
Thus, SHIB, hitting a smaller sell-off than DOGE, has become the more profitable "dog" crypto asset of recent weeks. At the same time, the global picture on the SHIB vs. DOGE chart continues to draw a downtrend. It will be interesting to see if SHIB can ever win back that gap.
Arman Shirinyan
Godfrey Benjamin
Tomiwabold Olajide