Shiba Inu has established itself as one of the market’s most popular meme coins. Investor confidence in meme coins may continue to rise. Recently, meme coins, including DOGE, have experienced a bullish rally. DOGE had recently put out a 145% rally on the weekly.
SHIB is currently trading at $0.00001202 as per the data from CoinMarketCap. As per the analysis, SHIB has rebounded after touching 0.000084. This rebound is taken into consideration as a possible strong support area.
Will Shiba Inu repeat history?
The history is believed to repeat itself, as a similar trend occurred in May 2022. Post this, the price put on a 100% rally.
Prior to this, in May 2022, Shiba Inu experienced a dip to the aforementioned trendline, which was then followed by a three-month 100% recovery rally. Similar to this instance, in January 2022, the SHIB/DOGE pair recovered by more than 50% in under a month. If history is any indication, SHIB may once again experience a swift bullish turnaround against DOGE.
Such a rally can probably help the meme coin touch the 0.0002186-0.0002536 range. This will probably push the price of SHIB by 150% by the first quarter of 2023. However, the probability of a trend reversal is also possible if the prices slump.
With gains of up to 145%, Dogecoin has recently experienced the largest rally among the top 100 cryptocurrency tokens. The purchase of Twitter by Elon Musk may have fueled the rally. The price of DOGE was driven up by rumors that it might be included in the tipping system of the dominant social media platform.
Shiba Inu’s burn rate has also been on the higher end in the last 24 hours. It has rallied by 299.43%, with 22,248,144 SHIB sent to dead wallets. The burns were carried out in three large transactions worth $5, $6, and $10 million.