Shiba Inu (SHIB) price is surging high with an extensive bullish momentum after marking a firm rebound from the lower support. The larger cryptocurrency market faced minor downtrends across the board over the past 24 hours while the time of writing this article, as Bitcoin struggled to maintain above US$21,000. Ethereum also dropped to US$1,200, whereas Altcoins showed similar signs. Cardano dropped 2 percent to US$0.49, while Ripple dropped down to US$0.36. Dogecoin rose 1 percent up to US$0.07, whereas Litecoin made a significant 6 percent jump up to US$59.61. Meanwhile, Solana and Polkadot consolidated around US$41.55 and US$8.08, respectively.
The latest rise in Shiba Inu has pulled its market cap to the US$6.4 billion mark, making it the 13th most valuable crypto token after the stablecoin Dai and Polkadot. Shiba Inu was at the 17th spot during the last week. Shiba Inu is still half of its price from what it was three months ago. Such recoveries are possible within the bear market, but it is not sustainable in the long run, warn the market experts.
Both DOGE and SHIB were created as a joke, and they have the same dog, a Shiba Inu, for a mascot. However, this is where the similarities end. Dogecoin: DOGE was created in 2013 by engineers Billy Markus, then an employee at IBM, and Jackson Palmer from Adobe.
The SHIB price in the higher time frame is pretty bearish as it is constantly testing lower highs and lows within a descending triangle. On the other hand, the next move is also pretty uncertain as the previous triangle was extended with new levels as the lower support when the price reached the apex of the consolidation. Therefore, if the same pattern repeats, the SHIB price may continue to swing within range-bound levels for a longer time.
Dogecoin (DOGE) and Shiba Inu (SHIB) were the star performers of 2021, with incredible gains. Their communities are trying hard to build solid use cases for their respective coins. Though both meme coins have a lot in common, their performance has been driven by the hype created by influencers and social media. It is always better to avoid them or, if you must, invest a very small percentage of your portfolio in them.
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