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Analyst Expects Shiba Inu to Rally with Dogecoin in Coming Bull Run

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Analyst Expects Shiba Inu to Rally with Dogecoin in Coming Bull Run

Veteran crypto analyst and trader Altcoin Sherpa believes Shiba Inu (SHIB) would mirror the expected rally from Dogecoin (DOGE), which could push the asset to $1.

The analyst has continued to share his outlook on multiple altcoins, recently centering on memecoins. In one of his latest analyses, Altcoin Sherpa spotlighted Shiba Inu, expressing a generally bullish stance on the crypto asset for the coming bull run.

Before his Shiba Inu commentary, the veteran analyst highlighted Dogecoin’s position. He stressed that the DOGE chart remains bullish, with an expectation for the asset to record massive price surges in the current cycle. According to him, a rally to $1 would not be surprising.

Despite admitting that DOGE might not deliver as much gains as newer memecoins such as dogwifhat (WIF), Pepecoin (PEPE) and Bonk (BONK) due to its current market cap, he noted that investors could still size up as the token boasts ample liquidity.

Shiba Inu Could Mirror the Dogecoin Rally

Interestingly, Altcoin Sherpa called attention to Shiba Inu during his Dogecoin analysis, emphasizing that SHIB and DOGE could alternate the leading role in the memecoin domain during the upcoming bull run.

Following the post on DOGE, the analyst then switched to Shiba Inu in a subsequent analysis. According to him, the Shiba Inu chart is similar to DOGE, with data suggesting a 658-day accumulation phase for the asset. SHIB has recorded a top of $0.00001484 and a floor of $0.00000714 within this period.

$SHIB: Similar chart to DOGE tbh and it’s probably going to trade very similarly to DOGE given their respective market caps + both being on eth. This will do big numbers eventually but will act more as a big cap vs. a meme (because it is). Good liq but not really 1 to expect…

— Altcoin Sherpa (@AltcoinSherpa) February 29, 2024

Altcoin Sherpa’s reasoning for suggesting a similar price action for DOGE and SHIB is based on several factors, including the fact that they are both memecoins with similar market capitalizations despite Dogecoin having $10 billion more valuation than SHIB.

The analyst stressed that he expects Shiba Inu to “do big numbers” in this cycle, but chose not to give specific price projections. However, he noted that while SHIB has good liquidity, much like Dogecoin, investors should not expect the asset to replicate its historic run from 2021.

SHIB Could Target $0.0001

Recall that Shiba Inu recorded one of the most substantial price rallies in crypto history during the 2021 bull run. According to CoinGecko research, the asset transformed $12 to $1 million in 453 days. While many investors expect a similar run, Altcoin Sherpa expressed doubt.

However, if SHIB mirrors Dogecoin’s movements, as predicted by the analyst, the token could equally witness massive price surges. DOGE currently trades for $0.1215 at the reporting time. For the token to hit the much-coveted $1 price, it would need to rally 723%.

Meanwhile, Shiba Inu changes hands at $0.00001280. Should SHIB follow the growth path of DOGE, surging by 723% would help the crypto asset erase one zero from its price, leading to a value of $0.0001054.