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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 55.6% 92 $20 862.60 -1.98% 3.65% $398 029 830 130 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 60.4% 88 $1 196.92 -2.33% 8.15% $145 213 720 865 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.8% 1 $0.999145 -0.04% 0.01% $66 810 101 922 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 94.8% 1 $1.000144 -0.01% -0.01% $55 810 644 482 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 61.2% 88 $233.66 -1.64% 9.10% $38 151 323 562 BNB 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 93.6% 1 $0.999879 -0.17% 0.06% $17 387 273 873 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 63.2% 80 $0.353119 -3.13% 10.71% $17 070 867 914 XRP 7 days price change
8 Cardano (ADA) ADA Cardano predictions 64.8% 78 $0.485901 -3.06% -0.43% $16 400 414 907 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 64.8% 71 $38.33 -5.68% 10.47% $13 131 783 179 SOL 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 59.2% 85 $0.072123 -0.83% 21.93% $9 568 648 805 DOGE 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 64.4% 81 $7.78 -3.17% 0.55% $7 686 366 532 DOT 7 days price change
12 Dai (DAI) DAI Dai predictions 96% 1 $0.999656 -0.02% -0.04% $6 795 067 803 DAI 7 days price change
13 TRON (TRX) TRX TRON predictions 56% 88 $0.067970 3.95% 11.56% $6 287 063 791 TRX 7 days price change
14 SHIBA INU (SHIB) SHIB SHIBA INU predictions 60.4% 78 $0.000011 -4.07% 36.02% $6 018 323 272 SHIB 7 days price change
15 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 57.6% 92 $20 815.72 -2.06% 3.43% $5 507 396 530 WBTC 7 days price change

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