Things have started to look up again following the recent crypto market price swings. Dogecoin and Shiba Inu are close together in market cap ranking, although there is a $3.3 billion gap between the two. So can the Dogecoin killer come out on top in the coming weeks?
Dogecoin Needs A Bounce
It has been a while since Dogecoin reached its all-time high value of $0.731 per DOGE. While many people hold out hope to see such values return, it seems rather unlikely. Dropping 82.7% from the all-time high is not uncommon among altcoins, but seeing the market reverse entirely is rather unusual. More importantly, this downtrend is not just due to the recent market dip.
More specifically, DOGE has been on a downward slope since early November. Sustaining a value between $0.25 and $0.3 proved too much of a challenge, and bears took out the $0.2 support in the following weeks. Although the price hoves near $0.15 for the most part, it appears the market intends to explore lower levels too. A drop to $0.1 remains possible, as the overall trading volume remains relatively low, for now.
Dogecoin has a few fiat currency trading pairs, including USD and KRW. Unfortunately, traders on either Coinbase Exchange or Bithumb seem less intent on generating more trading volume these days. The EUR, TRY, and THB trading pairs generate even less value, which is interesting. The momentum needs to come from USDT trading, primarily, although that asset will flow to BTC and ETH first and foremost.
Shiba Inu Needs Stable Support
While Shiba Inu is labeled as the Dogecoin killer, its price chart shows interesting similarities with DOGE. The asset has struggled to find any stable ground after reaching a new all-time high not that long ago. A 71.5% retrace since the latest ATH remains in place, and there is no sign of market stability as of yet.
The recent market dip almost pushed the SHIB price below $0.00002 for the first time since mid-October 2021. Although the market is now moving up once again, it remains a slow and steady climb with a fair bit of pushback along the way. One crucial difference is how SHIB has almost twice the trading volume of Dogecoin today, although that doesn’t necessarily mean the price will keep going up either.
What is different is how SHIB/USD on Coinbase exchange is far more popular than DOGE/USD. The TRY pairs on Binance and BtcTurk PRO also generate a decent amount of volume today. However, like DOGE, SHIB will need a strong push in USDT trading, although the BUSD trading on Binance can offer some help – or resistance – too. Over 38% of all Shiba Inu trading comes from Binance, though, making it the platform to keep an eye on.
Both Dogecoin and Shiba Inu remain in a precarious market position for the time being. While SHIB has more trading volume than DOGE – and more fiat currency support – that isn’t a guarantee for success whatsoever. It has a smaller gap to overcome to its all-time high, yet its supply is far more liquid, which poses another potential hurdle to watch out for.
Overcoming a $3.3 billion deficit in market cap seems nearly impossible for now. That doesn’t mean one won’t gain on the other in some capacity, but a market cap flippening seems a bit unrealistic. Even so, both markets remain well worth keeping an eye on over the coming days, depending on how the other markets perform this weekend.
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