Shiba Inu price is taking part in the ongoing crypto market rally as fears of a widespread recession ease. SHIB rose by 10% on April 10, beating some other popular meme coins like Dogecoin, Pepe, and Bonk. This article assesses whether Shiba Inu coin will ever flip Dogecoin in terms of market cap as Shibarium, its layer-2 network, nears a 200M milestone.
Shiba Inu Price is Rising: Can it Flip Dogecoin as Shibarium Nears Key Milestone?
Some analysts believe that Shiba Inu is a better meme coin to hold than Dogecoin because of its unique features and ecosystem. For example, it is a highly deflationary meme coin because of the regular token burns. These burns have reduced the number of SHIB supply from over 999 trillion to 584 trillion.
Shiba Inu also has an ecosystem, including Shibarium, its layer-2 network, a sidechain that enables developers to build on top of it. This network has had a mixed performance, with its total value locked (TVL) being negligible. Most recently, Shibarium reached a key milestone as it handled 1 billion transactions.
It is now approaching another milestone in terms of the total number of addresses in the network. These addresses have jumped to 195 million, meaning that they will hit the 200 million milestone either this month or in May.
Shiba Inu has a valuation of $7.1 billion, while Dogecoin is valued at $23 billion. This means that it needs to jump by 228% for its market cap to get to that of DOGE. Such a move assumes that DOGE remains unchanged in this time.
Shiba Inu’s path to becoming the biggest meme coin in crypto would become easier if its price rises as DOGE price sinks. However, this is highly unlikely since crypto prices often move in sync with each other. Therefore, it is highly unlikely for the market cap of SHIB to flip that of Dogecoin,
SHIB Price Short-Term Technical Analysis
The short-term SHIB price forecast is bullish as it has formed a few bullish patterns on the daily chart. Shiba Inu price has formed a small double-bottom chart pattern whose neckline is at $0.00001565, its highest level this month. This pattern often leads to a strong bullish breakout.
The token has also found a strong support at $0.0000122, where it failed to move below since last year. That could be a multiple double pattern whose neckline is at $0.00003350, its highest level in November last year.
On top of this, the coin formed a falling wedge pattern between November last year and March. The widest part of this pattern is about 45%. Measuring this distance from its breakout point brings the most likely SHIB price forecast target to $0.00001840.
The bullish outlook will become void if the coin drops below the small double-bottom point at $0.00001070. Such a move would soon push it below the psychological level at $0.000010.
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