The meme tokens are currently a hot topic on the crypto market again. In a bull market, in particular, prices could explode. But which meme token is the better investment in 2022? Can the Shiba Inu soon overtake the Dogecoin?
Shiba Inu with a great rally in the last few days
The meme tokens always have the potential, especially in bull runs, to achieve extremely high price gains within a short time. The Shiba Inu was able to prove this again recently. The “dog coin” gained over 56% in value in the last 7 days.
The “big brother” Dogecoin also gained double digits, but only by 14% in the last 7 days. Both coins have the potential to increase in value massively at any time and to explode with stronger price gains than other cryptocurrencies.
Dogecoin at the top since 2017
If we compare the Shiba Inu Coin with the Dogecoin, we have to realize that the DOGE is much more established and has been one of the most valuable cryptocurrencies on the market since 2017. Dogecoin has already had a long bear market.
The Shiba Inu has only existed since August 2020. However, the SHIBA has made an extreme ascent since then. At times over the last year, the Shiba Inu even overtook the Dogecoin by market cap. Both coins have seen massive gains in 2021.
Is the Shiba Inu the new number 1 in 2022?
The Shiba Inu Coin has been extremely hyped for months. This occurs mainly in social media, which means that an extremely large number of small investors invest in the meme token within a short time and cause the price to explode. Tesla founder Elon Musk in particular must be mentioned here. This already supported Dogecoin and is currently doing so with the Shiba Inu.
So who can make the biggest profits in 2022? At the moment, the Shiba Inu owns the bigger hype and could soon displace the Dogecoin. However, there is still some uncertainty as to whether the SHIBA can hold its own in the market in the long term, which DOGE has already proven.
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Which Memecoin Wins the Dogfight?
A dogfight erupted on social media on Sunday after cryptocurrency broker eToro’s Super Bowl commercial aired, which briefly featured an unnamed Shiba Inu dog.
The Dogecoin Chart:
Dogecoin could still be settling into a bullish cup and handle pattern on the daily chart that Benzinga announced on February 9th, although the pattern needs to be seen soon to avoid being negated. A possible bull flag pattern has now been negated as the cryptocurrency lost support at the eight-day exponential moving average.
- If the Dogecoin closes a trading day below $0.145, the cup and handle pattern will be negated as the price will be down more than half the cup height in percentage terms.
- If the cryptocurrency breaks out of the pattern to the upside, the measured movement will be around 40%, which means Dogecoin could hit the 20 cent mark.
- If the cup and handle pattern is negated, Dogecoin is still trading within a descending channel pattern and could continue to do so, forming a series of lower highs and lower lows until major upside volume kicks in to take the crypto off the upper descending trend line of the pattern to break up.
- A breakout of the trendline could provide a good entry position if the breakout occurs on smaller timescales than average volume.
- Should Dogecoin fail to break the pattern to the upside, a rejection of the upper trendline could provide a solid entry for bears.
- Dogecoin has resistance at 16 cents and $0.176 above and support at $0.135 and just above the 12 cent level below.
The Shiba Inu Chart:
Shiba Inu is forming a bull flag pattern on the two-day chart, with the pole being formed between January 24th and 27th and the flag being formed over the following days. If the pattern is spotted, the measured movement is a whopping 72%, which suggests that Shiba Inu could rise towards the $0.00004748 level.
- The two-day chart’s Shiba Inu was also settled in an inner bar, which in this case is trending neither up nor down. Both bulls and bears can watch for a break of the pattern later on Monday or Tuesday to gauge the future direction.
- If the cryptocurrency closes the trading day near its opening price, it will form a Doji candle, which could indicate a reversal to the upside.
- Shiba Inu has resistance at $0.00003310 and $0.00003607 on the top and support at $0.00002958 and $0.00002640 on the bottom.