A crypto analyst has drawn a distinct comparison between the Dogecoin and Shiba Inu price movements, noting that the trajectory of both meme coins closely mirrors each other. While he points out these similarities, the analyst has projected the next bullish target for Shiba Inu as its price action shows signs of a potential uptrend. 

Shiba Inu Price Vs. Dogecoin Price Movements

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

Earlier this month, the Dogecoin price recorded a massive spike that pushed its value from $0.1 to $0.4. While the meme coin has since corrected to around the $0.3 level, Dogecoin’s price performance this November remains impressive as it has witnessed double-digit gains. 

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

In 2021, Dogecoin experienced a historic price surge that led to its all-time high of $0.73. However, this was followed by a sharp decline, with the meme coin dropping to $0.05 at some point 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 brief drop back to $0.1, Dogecoin recently surged to $0.4, driven by bullish catalysts such as the concluded US Presidential elections and Elon Musk’s influence. 

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

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

Shiba Inu Price Next Target 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. 

Compared to 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 new all-time high of $0.00049. 

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

Featured image created with Dall.E, chart from Tradingview.com

DOGE price eyes a potential breakout ahead, with top experts echoing a similar sentiment for the dog-themed meme coin. For context, in a recent X post, Real Vision CEO and Founder Raoul Pal said that Dogecoin is likely gearing up for a rally ahead. In addition, this development also comes as Elon Musk has shared new developments to enhance the efficacy of the Department of Government Efficiency (D.O.G.E.)

DOGE Price Rallies As Elon Musk Prioritizes D.O.G.E. Efficacy

DOGE price continued its run towards the north on Friday, further highlighting the growing confidence of the investors towards the top meme coins. Amid this, Real Vision founder Raoul Pal, a prominent figure in the crypto world, predicts a potential rally for Dogecoin ahead, saying that it is in the “Great Banana Rotation” along with SUI. In a recent X post, Pal stated:

I think next in the Great Banana Rotation is $SUI and $DOGE and probably that token that you hold too.

Meanwhile, Pal previously explained the Banana Zone, emphasizing the importance of core allocations in top-tier assets like BTC, ETH, and SOL. He advises investors to keep 90% of their portfolio in solid assets like BTC and top altcoins while allowing 10% for riskier plays like meme coins.

However, Pal warns against overtrading and leverage, stressing the need to protect investments. With Pal’s prediction, DOGE holders are optimistic about the meme coin’s future performance.

Elon Musk Outlines D.O.G.E. Plan

In addition, the DOGE price rally also comes as Elon Musk has prioritized enhancing the efficacy of the Department of Government Efficiency (D.O.G.E.). Notably, Donald Trump appointed Elon Musk and Vivek Ramaswamy to lead the D.O.G.E., which has sparked optimism in the market.

Besides, the department’s short form also resembles the Dogecoin ticker, which has also sparked a rally in the crypto’s price. Additionally, Musk has been a vocal supporter of the meme coin, as evidenced by his previous social media comments, which have also caught the eyes of the traders.

Now, Musk and Ramaswamy have outlined plans to increase the efficacy of the department. According to a recent WSJ report, they have planned to end the remote work culture at the federal office, in an effort to trim the government spending. The two entrepreneurs said that ending the remote work culture would cause a mass resignation, which would aid them in achieving their goal of establishing a small but efficient government.

Dogecoin To Hit $2.4?

DOGE price today was up more than 2% and exchanged hands at $0.3941, while its one-day trading volume was near the flatline at $8.60 billion. Notably, the token has touched a 24-hour high of $0.3996, and CoinGlass data showed that Dogecoin Futures Open Interest rose nearly 9%, indicating strong market confidence.

Besides, recent on-chain metrics and other market trends also indicate that Dogecoin is poised to continue its parabolic run ahead alongside SHIB and other meme coins. Amid this, a popular crypto market analyst, Ali Martinez has shared a bullish forecast for DOGE price.

Meanwhile, Martinez has recently highlighted the growing Dogecoin whale activity, which indicates that the crypto is poised to rally ahead. His X post showed that whales have bagged more than 550 million DOGE over the last week, valued at around $214.5 million.

In addition, the analyst has shared a DOGE price chart, which showed that the crypto is likely to hit $2.40 in the coming days. Besides, he also predicted that once the meme coin hits the $2.40 target, the next target for the crypto will be $18, sparking market optimism.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.