Dogecoin could suffer a pullback to $0.25 if it does not reclaim $0.50
Dogecoin is still a top 5 crypto with an impressive market cap of $63.4 Billion
However, the arrival of Shiba Inu (SHIB) might steal ‘the thunder’ from DOGE
The world’s most popular meme-coin of Dogecoin (DOGE) is once again battling to reclaim the important psychological price of $0.50. At the time of writing, Dogecoin is trading at $0.488 with the meme-coin at risk of falling further if the crucial 50 cent support is not reclaimed.
The [daily] chart clearly shows two support zones at $0.49 and $0.25. This is almost entirely in line with the middle and lower Bollinger bands. Now the price is already around $0.49 and is trying to stay higher, but buyers are still weak and cannot turn the price up.
Most likely, the price will decline to the next support at $0.25. By this time, the lower Bollinger band will also reach this level, and the DOGE chart will touch it.
Dogecoin is Still a Top 5 Crypto, But Shiba Inu (SHIB) Might Have Stolen its Thunder
A quick glance of Coinmarketcap reveals that Dogecoin (DOGE) is still ranked 4th with a market cap of $63.438 Billion. Its market cap is very much impressive since Dogecoin has eclipsed tokens and coins belonging to noteworthy projects such as Polkadot, Chainlink and Cardano.
The rise of DOGE in the crypto markets has been due to Elon Musk’s tweets, adoption by the Dallas Mavericks and the social media interactions surrounding the meme-coin. This intense global focus surrounding Dogecoin has resulted in the launch of a new token named after DOGE’s mascot, Shiba Inu (SHIB).
In the last few days, SHIB has been listed on major exchanges such as Binance, Huobi, Uniswap, KuCoin and Poloniex. The excitement surrounding Shiba Inu has pumped the price of SHIB to the level of the token now being ranked 20th on Coinmarketcap. The token’s value has also grown 1,502% in the last week to reach its current value of $0.00002738.
The screenshot above further demonstrates how SHIB has edged out seasoned digital assets such as THETA, Filecoin, Monero and TRON.
Shiba Inu (SHIB) is more or less the next big meme-coin and its popularity might be stealing the show, and capital, from Dogecoin. Therefore, the aforementioned DOGE price target of $0.25 could materialize if SHIB continues on its current path of wowing the internet and investors, just like Dogecoin has successfully done since the beginning of the year.