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SHIB Grew at Double-Digit Rate Against DOGE Last Week, Here's What's Behind It

Mon, 12/12/2022 - 11:23
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Gamza Khanzadaev
Shiba Inu up 13% against Dogecoin in last seven days, here is what may have caused surge
SHIB Grew at Double-Digit Rate Against DOGE Last Week, Here's What's Behind It
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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.

Source: TradingView

SHIB Burn Rate Rises Notably as Another Massive SHIB Amount Gets Destroyed

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.

Shiba Inu (SHIB) Would Now Be Natively Held on Internet Computer Due to This

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.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.