Analyst Says the Shiba Inu Price 'Looks Like Dogecoin', Shares Latest Goal

A crypto analyst has drawn a definite comparison between the Dogecoin and Shiba Inu price movements, noting that the trajectory of each meme coins closely mirrors one another. While he points out these similarities, the analyst has projected the next bullish goal for Shiba Inu as its price motion shows signs of a possible uptrend.

Shiba Inu Price Vs. Dogecoin Price Movements

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

Earlier this month, the Dogecoin price recorded an enormous spike that pushed its value from $0.1 to $0.4. While the meme coin has since corrected to across the $0.3 level, Dogecoin’s price performance this November stays impressive because it has witnessed double-digit gains.

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

Source: X

In 2021, Dogecoin experienced a historic price surge that led to its all-time high of $0.73. Nevertheless, this was followed by a pointy decline, with the meme coin dropping to $0.05 in some unspecified time in the future 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 temporary drop back to $0.1, Dogecoin recently surged to $0.4, driven by bullish catalysts akin to the concluded US Presidential elections and Elon Musk’s influence.

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

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

Shiba Inu Price Next Goal 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.

In comparison with 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 latest all-time high of $0.00049.

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