Shiba Inu and Dogecoin vie for position of largest meme coin as SHIB flips DOGE
- As the meme coin began an uptrend, Shiba Inu recently took over Dogecoin in market capitalization.
- Burger joins Welly says the Shiba Inu community will have a stake in his business, fueling bullish sentiment among holders.
- Analysts believe the Shiba Inu price may continue to consolidate in a triangle before breaking out.
Shiba Inu recently overtook Dogecoin in market capitalization. Analysts believe Shiba Inu is on track to recover from its ongoing consolidation.
Shiba Inu and Dogecoin vie for meme coin market share
Shiba Inu and Dogecoin are neck and neck in the meme coin market, vying for a higher share. Proponents noted that Shiba Inu recently surpassed the market capitalization of Dogecoin, momentarily knocking DOGE down.
This event fueled a bullish narrative among investors. Shiba Inu has surpassed the market capitalization of Dogecoin in the past, triggering a rise in the meme coin’s price. Proponents have identified another critical catalyst for rising Shiba Inu prices.
Welly burger restaurant, which has rebranded itself to accept Shiba Inu as payment, has announced that the community will have a stake in its business. Welly announced that the community would be entitled to a portion of the proceeds from all activities. The community can then decide to engrave Shiba Inu tokens or use them for other purposes.
Shiba Inu owners would manage their tokens with the help of BONE DAO. Analysts have assessed the Shiba Inu price trend and predicted further consolidation. Crypto analyst and trader Valeria Blokhina noted that Shiba Inu price has been consolidating in a triangle for some time now. The meme play could continue before a breakout.
Additionally, Welly has partnered with crypto payment company NOWPayments, planning to burn a certain percentage of their revenue into SHIB tokens. @AltcoinSherpa, a pseudonymous crypto analyst and trader, does not recommend buying Shiba Inu.
$SHIB: Still in this area, but I do not advise buying this for something active. I mostly hold it because I’m not on the rn computer as much. Always believe it will eventually move, but the opportunity cost is significant if you are active. pic.twitter.com/mqxC5j02CQ
—Altcoin Sherpa (@AltcoinSherpa) April 30, 2022