Since October 6, the Shiba Innu meme cryptocurrency has entered the top 20 digital currencies by capitalization. The developers called this altcoin the “Dogecoin killer”. Now the coin rate continues to grow and approach the next historical maximum.
On the weekly Shiba Innu timeframe, it can be seen that the cryptocurrency barely overcomes the resistance of 0.000035. The RSI remains above the 25 level for now, indicating an uptrend and foreshadowing an imminent historic high. Given this picture, it can be assumed that the coin will soon reach resistance at 0.000050.
Last week the price of Shiba Innu showed an increase of almost 350%. However, on October 7, the altcoin price could not overcome the 0.000035 mark, which led to a fall in the rate below $ 0.00020.
On October 13, the Shiba Innu rate fell again along with the Bitcoin price. The drop in quotations occurred after Joe Biden’s statement about the dangers associated with the active use of cryptocurrencies. These include cyber threats that can affect every American. Biden said the US administration plans to bring together 30 countries to fight cybercrime. In this regard, the rates of bitcoin and other cryptocurrencies, including Shiba Inu, may decline in the near future.
At the time of this writing (October 13), quotes have recovered to $ 0.00002870 and are showing growth again. The developers of the Shiba Innu project are taking active measures to prevent the devaluation of the altcoin. So, recently it was announced about the burning of tokens.
What will happen next
If you analyze the dynamics of the Shiba Innu rate over the past six months, you will notice that the altcoin price reached its all-time high on May 11, 2021. The value of the coin that day rose to $ 0.00003641. A sharp jump in the rate then occurred after the announcement of the Finance crypto exchange about the opportunity to trade this meme cryptocurrency on the platform. The rise in Shiba Innu quotes in September was due to the appearance of this coin on the Coin base exchange.
This means that the Dogecoin killer rate is likely to rise if the cryptocurrency is recognized by other popular trading platforms. In addition, an increase in the value of a coin is possible in case of interest in it from well-known and influential people, for example, Elon Musk. The growth of Shiba Innu may be hampered by a tightened cryptocurrency regulation policy, which has recently been actively resorted to by the regulatory authorities of China and other countries.
Dogecoin vs Shiba Innu
The DOGE rate on October 12 stood at $ 0.222200. Renowned trader Justin Bennett analyzed the Dogecoin chart and revealed signs that the altcoin may rise by more than 1000% in the near future. The analyst posted a Twitter post with a graph and an ascending triangle marked on it.
Given the pace of development of Dogecoin and Shiba Innu, it is difficult to predict how quickly the latest altcoin will catch up with DOGE. However, traders continue to show interest in the new popular coin. Dogecoin continues to be in the top ten for this parameter. If Shiba Innu breaks the current price barrier, the altcoin price could update the ATH.
A few days ago, on February 9, the developers of the Dogethereum Bridge project were able to send the Doge altcoin to the Ethereum Rinke by tested, which helped solve the scalability problems of the second largest cryptocurrency by capitalization.
After that, the developers of another project appeared on the specialized forum Bitcoin Talk – the first in the history of the Dogecoin fork called Dogethereum, who spoke about the new project.
“Dogethereum is a new decentralized currency that will be based on a fork of the popular Dogecoin and the Ethereum algorithm with the highest transaction speed, smart contracts,” the creators of Dogethereum said.
The DOGE cryptocurrency was not supposed to become a serious investment asset, since its appearance is a kind of “caricature”, a mockery of the hype around the “crypt”. The cryptocurrency was launched in 2013 as a “reaction” to the explosive growth in popularity and the number of all kinds of altcoins, often promoted as a replacement for bitcoin (BTC). When creating the cryptocurrency, Billy Markus, a software engineer from IBM (IBM) and programmer Jackson Palmer from Adobe (ADBE) jokingly used a meme with a Shiba Inu dog.
Subsequently, Markus and Palmer left the project, ceasing to be directly involved in it, but the resurgent popularity of Dogecoin forced them to return and prepare a protocol update – the protocol has not been updated since 2019 – which they planned for next year.
Although the project started out as a joke, it was used to quickly transfer small amounts with low fees. Supported by the community of owners, cryptocurrency has found application in other areas: donations, crowdfunding, targeted donations, etc.
DOGE is an extremely volatile cryptocurrency, and members of the “voice groups” on Reddit and TikTok often try to raise its value jointly.