Shiba Inu and Dogecoin compete for position of largest meme coin as SHIB flips DOGE
- As the meme coin started an uptrend, Shiba Inu recently took over Dogecoin in market capitalization.
- Burger joint Welly says that the Shiba Inu community will have a stake in its business, fueling a bullish sentiment among holders.
- Analysts believe Shiba Inu price could continue consolidation within a triangle pattern before breaking out.
Shiba Inu recently surpassed Dogecoin in market capitalization. Analysts believe Shiba Inu is on track to recovery from its ongoing consolidation.
Shiba Inu and Dogecoin compete for meme coin market share
Shiba Inu and Dogecoin are neck and neck in the meme coin market, competing for a higher share. Proponents noted Shiba Inu recently surpassed Dogecoin’s market capitalization, flipping DOGE momentarily.
This event has fueled a bullish narrative among investors. Shiba Inu has surpassed Dogecoin’s market capitalization in the past, triggering a price rally in the meme coin. Proponents have identified another critical catalyst for Shiba Inu’s price rally.
The burger joint Welly rebranded itself to accept Shiba Inu as payment has announced that the community will have a stake in its business. Welly announced that the community would be entitled to a portion of profits from all activities. The community can then decide whether to burn Shiba Inu tokens or use them for some other purpose.
Holders of Shiba Inu would manage their tokens with the help of BONE DAO. Analysts have evaluated the Shiba Inu price trend and predicted a continuation of the consolidation. Valeria Blokhina, a crypto analyst and trader, noted that Shiba Inu price has consolidated within a triangle for some time now. The meme coin could continue before a breakout.
Additionally, Welly has partnered with crypto payments company NOWPayments, planning to burn a certain percentage of their revenue in SHIB tokens. @AltcoinSherpa, a pseudonymous crypto analyst and trader, does not recommend buying Shiba Inu.
$SHIB: Still in this but I dont advise buying this for anything active. I'm mostly just holding it bc I'm not on the computer as much rn. Still of the opinion that this will move eventually, but the opportunity cost is large if you're active. pic.twitter.com/mqxC5j02CQ
— Altcoin Sherpa (@AltcoinSherpa) April 30, 2022
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
