Analyst Says the Shiba Inu Price ‘Looks Like Dogecoin’, Shares New Target

A crypto analyst has drawn a distinct comparison between the Dogecoin and Shiba Inu price movements, noting that the trajectory of both meme coins closely mirrors each other. While he points out these similarities, the analyst has projected the next bullish target for Shiba Inu as its price action shows signs of a potential uptrend. 

Shiba Inu Price Vs. Dogecoin Price Movements

In an X (formerly Twitter) post, Ali Martinez, a prominent crypto analyst, revealed that the Shiba Inu price behavior is showing signs that it could follow a similar upward trend to Dogecoin. 

Earlier this month, the Dogecoin price recorded a massive spike that pushed its value from $0.1 to $0.4. While the meme coin has since corrected to around the $0.3 level, Dogecoin’s price performance this November remains impressive as it has witnessed double-digit gains. 

Despite still being in its early stages, Shiba Inu has been gaining steady traction, much like DOGE did before its explosive growth. Martinez’s Dogecoin and Shiba Inu price chart shows that from 2021 to 2024, both meme coins have been showcasing eerily similar price action.

In 2021, Dogecoin experienced a historic price surge that led to its all-time high of $0.73. However, this was followed by a sharp decline, with the meme coin dropping to $0.05 at some point in 2022. After this significant price correction, Dogecoin saw a modest recovery, rallying above $0.1 by late 2022 and early 2023. The cryptocurrency then entered a period of consolidation and further decline before rising to $0.2 in early 2024.

Following a brief drop back to $0.1, Dogecoin recently surged to $0.4, driven by bullish catalysts such as the concluded US Presidential elections and Elon Musk’s influence. 

On the other hand, the Shiba Inu price chart shows that it surged to an ATH of $0.000083 in 2021, followed by a massive decline to $0.000007 in 2022. After this, the meme coin entered a prolonged consolidation phase between 2023 and 2024, marked by minor gains and further declines. 

In early 2024, Shiba Inu also began a recovery, experiencing a significant price rally that pushed it above $0.000044. Despite experiencing another pullback to $0.00001, the meme coin is now in an uptrend, targeting $0.00003.

Shiba Inu Price Next Target At $0.00049

As Martinez identifies similarities between the Dogecoin and Shiba Inu price movements, the analyst has also shared an optimistic forecast for SHIB. 

Compared to Dogecoin’s explosive growth,  the Shiba Inu price has only captured a fraction of its momentum. If Shiba Inu can sustain its recent DOGE-like momentum, Martinez has projected that SHIB could rise to a new all-time high of $0.00049. 

Such a move would mark an impressive 1,941% price increase from current value. As of writing, the price of Shiba Inu is trading at $0.0000248, marking a 2.9% increase in the last 24 hours and another 4.3% surge over the past seven days. 

Featured image created with Dall.E, chart from Tradingview.com