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Is Dogecoin set to follow Shiba Inu’s (SHIB) 400% breakout?


08 Oct 2021

#SHIBA INU

SHIB’s 400% rally brings attention back to dog-themed meme tokens and it could be a sign that DOGE is on the verge of an equal-sized breakout. Meme coins were some of the earliest breakout stars at the start of this year's bull run and big-name influencers like Elon Musk and Mark Cuban helped to stoke a surge in the price of Dogecoin (DOGE). The success of DOGE eventually spawned th massive litter of dog-themed offshoots that now populate the meme coin pack. 

This week the pack is once again on the run after Shiba Inu (SHIB) saw a triple-digit breakout and DOGE looks ready to move higher. Bitcoin's (BTC) sudden move above the $55,000 level appears to have kickstarted the move, and even as the price moves lower to test underlying support, meme-tokens are still flashing bullish signals.

Aside from Bitcoin's recent breakout and protocol-specific announcements, the rally in meme coins seems to have been kicked off after Elon Musk tweeted a picture of a Shiba Inu puppy.

Shiba Inu expands its ecosystem

According to CoinGecko, of the top 5 meme coins, Shiba Inu (SHIB) has been the best performer over the past week with its price surging 400% from a low of $0.00000700 on Oct. 4 to a multi-month high at $0.0003529 on Oct. 6. The surge in price of SHIB comes as the ecosystem behind the token has expanded to include the ShibaSwap exchange, which claims to offer lower exchange fees than Uniswap and multiple ways for token holders to earn a yield through providing liquidity or staking.

SHIB also benefits from being one of the few meme tokens listed on multiple large cryptocurrency exchanges, including Coinbase and Binance, which provides ample liquidity and trading volume for traders interested in SHIB.

The Shiba Inu community has also been showing an increasing interest in the upcoming launch of the protocol’s Shiboshi NFT.

Dogecoin prepares for a breakout

SHIB may have notched the largest percentage gain, but DOGE remains the top dog of the pack with the furthest reach and a market cap of $33.26 billion. VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for DOGE on Oct. 1, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

As seen in the chart above, the VORTECS™ Score for DOGE climbed into the green zone and hit a high of 74 on Oct. 1, around 61 hours before the price increased by 26.7% over the next two days.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 72% 51 $27 716.54 -1.82% 12.55% $535 636 495 855 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 78.4% 34 $1 755.09 -2.51% 5.91% $214 776 666 177 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $1.002644 0.08% -0.01% $77 641 115 939 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 74% 47 $324.28 -4.30% 2.71% $51 200 109 142 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 90.8% 2 $0.999666 0.09% 0.01% $34 710 233 106 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 85.6% 17 $0.430223 -7.21% 17.82% $21 920 232 563 XRP 7 days price change
7 HEX (HEX) HEX HEX predictions 63.2% 82 $0.122471 17.07% 52.82% $21 237 782 043 HEX 7 days price change
8 Cardano (ADA) ADA Cardano predictions 78% 44 $0.363953 -4.28% 12.00% $12 636 148 693 ADA 7 days price change
9 Lido stETH (STETH) STETH Lido stETH predictions 92% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 73.2% 57 $0.074806 -1.43% 6.59% $9 924 596 389 DOGE 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 76.4% 51 $1.12 -3.14% -0.40% $9 779 730 336 MATIC 7 days price change
12 Solana (SOL) SOL Solana predictions 74.8% 54 $21.61 -3.84% 11.54% $8 292 848 408 SOL 7 days price change
13 Binance USD (BUSD) BUSD Binance USD predictions 93.6% 1 $0.999732 -0.05% -0.05% $8 061 861 044 BUSD 7 days price change
14 Polkadot (DOT) DOT Polkadot predictions 72.8% 50 $6.15 -3.06% 3.23% $7 193 674 767 DOT 7 days price change
15 Litecoin (LTC) LTC Litecoin predictions 70.4% 58 $87.97 7.97% 12.03% $6 381 945 113 LTC 7 days price change

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