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

The largest crypto derivatives exchange Deribit on Friday said it will integrate Ethena’s synthetic dollar USDe as margin collateral. It will enable users to earn rewards for holding USDe and use it as derivatives margin collateral in cross-collateral pool.

Ethena and Deribit Partners to Launch USDe as Rewarding Margin Collateral

Deribit, the leading crypto options and futures exchange, plans to integrate Ethena’s USDe as margin collateral. The exchange revealed that the goal is to include USDe in its cross-collateral pool as of early January. However, it still awaits regulatory approval from the authorities

“We are excited to announce the upcoming integration of USDe as rewarding margin collateral on Deribit” said Ethena Labs.

All users can earn rewards for holding USDe. Also, it can be used as derivatives margin collateral in a cross collateral pool. USDe as margin collateral is currently available on Bybit, Bitget and Gate crypto exchanges. Users can use USDe as a part of single or multi-exchange derivatives strategies, while earning rewards by holding the synthetic dollar.

Guy Young, founder of Ethena Labs, said: “This integration of USDe within the cross collateral pool at unlocks completely new structured product use cases not previously possible on CEXs with vanilla stablecoin collateral.”

Young expects this will become one of the most important venues for USDe use cases as Deribit holds 85% of market share within the options space. Also, he believes the USDe integration on the derivatives exchange will attract both TradFi and crypto-native trading firms.

ENA Price Rockets 20%

Amid Deribit’s USDe integration news, ENA price skyrocketed more than 20% in the past 24 hours. The price currently trades at $0.62, with a 24-hour low and high of $0.516 and $0.620, respectively. Furthermore, the trading volume has shot up by 78% in the last 24 hours, indicating a rise in interest among traders.

Last month, Ethena proposed adding Solana and its liquid staked variants (BNSOL and bbSOL) as reserve assets for backing USDe. Recently, the company integrated sUSDe into Aave to enable billions of borrowing and APY of up to 30%.

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Varinder Singh

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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.