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After the explosive price performance of the popular meme-inspired cryptocurrency Shiba Inu (SHIB) today, its price started to look much more attractive not only against the USD, but also against its main rival Dogecoin (DOGE).
Today, SHIB finally broke above the $0.00003 mark, which is an important point for the cryptocurrency, and shows a 16% gain over the course of the day. Interestingly, the Shiba Inu token price pump did not occur in line with the broader crypto market and not even in conjunction with the meme cryptocurrency segment, but rather on its own.
Gamza KhanzadaevEven DOGE, which has been leading the meme coin segment in recent weeks, is having a quiet Sunday on the price chart.
As a result, the price ratio of SHIB to Dogecoin reached 0.0000733 DOGE, which is the highest since the first decade of November. This fall, the Shiba Inu token experienced a painful 68.36% drop in value against DOGE, and today's result may revive the rivalry narrative between these two meme coin giants.
Arman ShirinyanSHIB's all-time high remains at 0.00029 DOGE, and the last time the token approached this mark was in March, when the Shiba Inu token soared 400% in just a few weeks. For now, it was more Dogecoin's time to shine, but SHIB's recent pump raises the idea of a catch-up play.
If this is indeed the case, market participants will see in the coming days. But as there is still room for over 200% growth for SHIB against DOGE, it is definitely something to keep an eye on. Especially considering that the market has already seen the Shiba Inu token rally this year.
Alex Dovbnya
Arman Shirinyan
Dan Burgin
Vladislav Sopov