Shiba Inu (SHIB) has been on the rise since Elon Musk wrapped up the deal with Twitter. And as we all know Elon Musk is well-known for being “The DOGE Father”, which directly affected memecoins, and the crypto market in general. However, why exactly is Shiba Inu (SHIB) going up and what can we expect of SHIB’s performance in the future?
- Shiba Inu (SHIB) is going up; Up by more than 30% in 5 days.
- Elon Musk’s acquisition of Twitter is the reason for the rally.
- Expect a correction of SHIB’s evaluation after the hype is over.
The price of DOGE increased from $0.059 to $0.147 in just 5 days, or nearly a 3x rise. Dogecoin (DOGE) is now at number 8 on the top 100 cryptocurrency market index (by market cap). This is reasonable given that Elon Musk is why Dogecoin’s (DOGE) current position is at the top of the rankings.
Shiba Inu (SHIB) went up by about 30%, going from $0.000010 up to $0.000013 in less than 5 days.
Let’s first take a look at the cryptocurrency market during the last 10 days. The psychological ceiling of $20,000 has been overcome by Bitcoin, and it is now its support price. On the other side, Ethereum had more percentage gain, rising from a little over $1,300 to about $1,650. The rise of the cryptocurrency market is most likely due to the stock market’s expansion, which also saw growth at the same time.
Now you might ask, where does Shiba Inu (SHIB) fit in all of this? SHIB is the second most popular memecoin on the market, after Dogecoin (DOGE). Another thing to point out is that, unlike the stock market, the crypto market has fewer indicators you can look at. As such, people look at everything and everywhere to find a clue about the potential trend (short-term) of a specific cryptocurrency.
And since DOGE and SHIB are related to being memecoins, there is also a direct relationship between the price of both. In fact, SHIB named itself the “Dogecoin killer” on the official website and whitepaper.
All of this sums up quite nicely, positively affecting the development and price of SHIB.
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This means that as long as DOGE is going up, so will SHIB. Yet, DOGE went up by more than 135% while SHIB only got less than 1/4th of that (30% gains). This is more than expected since Elon Musk has no direct relationship with SHIB, but rather with DOGE.
What To Expect In The Near Future – Shiba Inu (SHIB) Going Up
DOGE and SHIB will continue going up until the hype dies out. Yet, this is a bit too subjective since there are no clear indicators of when the hype will die down. If we judge by the previous performance during bull runs, we can expect this rally to continue for about 1-2 more weeks until things calm down, the price falls down a little, and remain a bit more stagnant for a while.
Also, judging by previous performances by Shiba Inu (SHIB) we can expect the price to remain around $0.0000125 by the end of the year. It will probably have another 10%-15% gains in the next couple of weeks, after which the hype dies down.
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