Shiba Inu Price Surges 100%: More Upside Ahead?

6. February 2023 By admin Off

Overview of Shiba Inu Price Rebound

• In November 2022, Shiba Inu (SHIB) price was at its lowest versus Dogecoin (DOGE) at 0.00000993 DOGE
• On Feb. 4, 2023, the SHIB/DOGE pair reached 0.00001638 DOGE, up almost 100% three months after bottoming out
• The SHIB price rebound gained momentum amid reports that Shibarium will go live on Feb. 14

Shiba Inu Price Rebound

In November 2022, the Shiba Inu (SHIB) price hit a record low against its top rival Dogecoin (DOGE). Three months later, the dynamics had flipped and on Feb. 4, 2023 the SHIB/DOGE pair had reached 0.00001638 DOGE – up almost 100% from the previous low of 0.00000993 DOGE.

The sharp recovery was attributed to investors’ focus shifting to the impending launch of Shibarium – a Shiba Inu-backed layer-2 blockchain built on the Ethereum mainnet which was announced on Jan 16th 2021 – and reports that it would go live on Feb 14th 2021. Meanwhile Dogecoin’s fundamentals looked pale with Elon Musk suspending a DOGE tipping bot for violating Twitter’s rules. Nonetheless both memecoins have had a great start to 2021 with SHIB/USD increasing by 85% and DOGE/USD up 36%.

Technical Analysis

Several technical indicators hint at another possible 40% rally for Shiba Inu versus Dogecoin in coming weeks according to historical cycles which suggest that the pair could climb to 0.00002181 by mid-February 2023 if current trends continue as expected.

Conclusion

The Shiba Inu price has seen an impressive rebound over the past few months due largely to investor anticipation for Shibarium’s launch and positive news surrounding it as well as less than stellar fundamentals for Dogecoin during this time period resulting in higher prices compared to its rival coin. Technical analysis indicates further upside potential in February 2023 with indications pointing towards a potential 40% rally in prices if current trends remain intact throughout the month leading us into mid-February.

Takeaway

Despite starting off 2021 at record lows against Dogecoin, Shiba Inu has managed an impressive comeback due largely to investor anticipation of Shibarium’s launch coupled with lesser than ideal fundamentals for its rival coin resulting in higher prices compared to its rival crypto asset over recent months and further upside still appears likely in February 2023 should current trends hold true throughout next month leading us into mid-February numbers predicting a potential 40% rally come then .