Shiba Inu (SHIB) has recently outperformed Dogecoin in terms of market cap. Analysts believe the Shiba Inu is on track to recover from continued consolidation, but there are analysts recommending a walk away for a while.
Shiba Inu and Dogecoin compete to dominate the meme coin market
Shiba Inu and Dogecoin are the biggest names in the meme coin market, both competing for the bigger piece of the pie. Investors pointed out that the market cap of Shiba Inu recently surpassed Dogecoin, briefly overtaking DOGE. This event created an uptrend in the stock market among investors. Dogecoin’s market cap has been eclipsed by Shiba in the past, resulting in a price surge for the parody cryptocurrency. The Shiba Inu community has found another major driver for the recent market price hike.
Shiba sees increasing adoption
Shiba Inu-themed burger shop Welly, which recently relaunched itself to accept Shiba Inu as payment, Shiba announced that its group will have an ownership interest in the company. As we covered in the cryptokoin.com news, after the announcement, Welly said that the community will be eligible to receive a percentage of the earnings from all operations. The community can then decide whether to burn the Shiba (SHIB) or use it for something else.
Altcoin Sherpa says the price structure will be volatile for a while
Valeria Blokhina, one of the popular crypto analysts, says that the Shiba price has been consolidating within the symmetrical triangle formation for some time. According to the analyst, the meme may correct before the token explodes. Additionally, Welly has partnered with cryptocurrency payment system NOWPayments with the aim of burning a certain amount of their proceeds to SHIB in the near future. Crypto analyst nicknamed Altcoin Sherpa, on the other hand, recommends staying away from Shiba Inu for a while. Here’s why:
I’m still in, but I don’t recommend buying for active trading. You still think this will move eventually and if you are an active trader the opportunity cost is high.
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