SHIB officially takes DOGE off after rising 700% in October

The SHIB continued to climb on Oct. 27, with prices hitting a record high near $ 0.000006 before correcting lower. At the time of writing, the price has passed this mark.

The price rose more than 25% to an all-time high (ATH) of $ 0.000627, beating the previous ATH of 0.0005. The recent upward move has pushed MTD to around 726%, making it the fifth highest cryptocurrency at the start of the final quarter of 2021.

SHIB Price Chart | Source: Tradingview

Accordingly, SHIB’s profit in October was higher than that of its leading competitors such as BTC, ETH, ADA and SOL.

On the other hand, SHIB’s superior performance stands out above all from meme competitor DOGE, whose MTD increase is currently only around 8%. SHIB currently rises to 10th place with a market capitalization of 31.8 billion US dollars and pushes DOGE to 11th place with a market capitalization of 31.1 billion US dollars.

Source: Coinecko

SHIB Copy Bull Run of DOGS?

Shiba Inu was launched in 2020 after it was inspired by Dogecoin, a 2013 joke cryptocurrency created after the Japanese breed of dogs. Eight years after its inception, Dogecoin has grown in popularity as it is used to pay for sports teams, AMC cinemas, and speculative investment vehicles thanks to media support from Tesla CEO Elon Musk.

DOGE price skyrocketed in the first 5 months of 2021, rising more than 15,000% amid the frenzied retail FOMO. Accordingly, the price hit a record high of $ 0.76 on May 8, but then corrected more than 68% to trade at $ 0.23 at press time.

DOGE price table/USD daily | Source: TradingView

Overall, DOGE has experienced very volatile price trends over the past 12 months, starting with a long consolidation phase that culminated in a sustained bullish breakout and later a major correction.

So it looks like the SHIB price trend in the past few months has taken indications of DOGE’s consolidation and breakout phases, as shown in the SHIB chart below.

SHIBI price table/Daily USDT has 3 phases like DOGE | Source: TradingView

SHIB price skyrockets 1,500% as DOGE sets a long-term profit target near $ 0.000135. However, the fractal (the now repeating pattern) also warns of larger, periodic corrections toward the 20-day exponential moving average support (green wave in the graph above) as the price rises.

SHIB dominance in the market increased from 0.16% to 0.91% MTD. On the other hand, DOGE’s dominance of the market decreased from 1.5% to only 1.2% in the same period.

NS element Macro fundamentals of SHIB

Joe Wiesenthal, editor at Bloomberg Markets, Note that SHIB has “advanced smart contract functions” that make it superior to Dogecoin.

“You can try Shibaswap, a Uniswap-like decentralized exchange for the SHIB community. It has NFT, liquidity mining. All. Dogecoin currently has none of these. “

As reported, SHIB’s recent price hike can also be traced back to Monday’s launch of the Shiboshi Social Club, an online community that offers exclusive privileges for Shiba-exclusive NFT owners. Inu founded the Shiboshis name.

As a result, retail appears to be chasing SHIB’s speculative bull run, with a recent study by Bacancy Technology showing it will receive an average of 2.8 million Google searches in 2021, the third highest after Bitcoin and ETH. DOGE’s search volume is now only six.

On the other hand a petition Change.org Convincing Robinhood to list SHIB on its free trading app has garnered over 500,000 signatures. Robinhood CEO Vlad Tenev said during the company’s annual press conference on Tuesday that it would consider adding new coins to its service portfolio, but did not provide a specific name.

This likely pushed the SHIB price to a record high on Wednesday, further suggesting an explosion in retail interest in the meme cryptocurrency.

Jonathan Cheesman, Head of OTC and Institutional Sales at the futures exchange FTX, commented:

“Memes have value and are an investable place in 2021. Lower dollar tokens are very attractive to retail investors.”

But according to Ben Caselin, Head of Research and Strategy at Exchange AAX, due to excessive speculation, SHIB traders should be cautious and cite previous models that suggest the token could be “deeply bearish” in the face of a price crash.

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