Shiba Inu (SHIB) is facing its worst weekly performance against its long-standing rival, Dogecoin (DOGE), in over a year. Over the past seven days, SHIB has suffered a staggering loss of nearly 16% against DOGE, marking a significant downturn for the popular meme token.
This downturn comes after a period of notable growth for Shiba Inu, which saw its value against DOGE surge by over 110% since the end of February, reaching its highest point since November 2021 at 0.000235. However, the recent decline in SHIB's value can be attributed to several key factors.
Firstly, DOGE has exhibited strong performance, demonstrating what analysts are calling "alpha behavior" with an 11.5% increase in price over the week. In contrast, SHIB has experienced a 6% decline by the week's end, indicating a shift in momentum favoring DOGE.
Secondly, the gap between SHIB and DOGE, which widened during the recent rally in meme cryptocurrencies, particularly during SHIB's impressive 400% growth, is now showing signs of narrowing. This convergence suggests a leveling of the playing field between the two tokens, with DOGE reclaiming some of its lost ground.
Historically, April has been a favorable month for Dogecoin, a trend that analysts have noted in recent reviews. With this in mind, the looming question is whether SHIB will continue to fall in comparison to DOGE, potentially within the framework of a broader revaluation of DOGE, or if both tokens will experience declines at differing speeds.