Will Dogecoin (DOGE) Go Up Like Shiba Inu? Here's The Price Prediction

JAKARTA – The price of Dogecoin (DOGE) is predicted to increase following the movement of its competitor Shiba Inu. Influential figures who also support DOGE such as Elon Musk and Mark Cuban can trigger the meme coin movement to skyrocket. Following DOGE's success, a number of other dog-themed coins have appeared in recent years.

Although at first DOGE was only used as a joke. Over time, Dogecoin has had significant developments such as plans to bridge between Dogecoin and Ethereum, enter the NFT realm, and games like DogemonGo.

A few days ago, Dogecoin's competitor Shiba Inu (SHIB) skyrocketed 400 percent and managed to eliminate one zero. The increase was triggered by Elon Musk's Twitter tweet which featured a photo of a Shiba Inu puppy on top of a Tesla car.

Cointelegraph reported on October 8, amid skyrocketing prices for the Shiba Inu, DOGE looks set to go up. The sudden movement of Bitcoin (BTC) to the 55,000 level was the trigger, even when the price moved lower to test its support, the meme token still displayed a bullish signal.

As of this writing, the price of Dogecoin is trading at 3,348. While the Shiba Inu is at the level of Rp0.3. Rank-wise, DOGE has dropped to 10th on CoinMarketCap. While the SHIB rating rose to 20 after the price skyrocketed a few days ago.

Coiningecko reports that there were 5 meme coins that had an upward performance last week including Dogecoin (DOGE), Shiba Inu (SHIB), YooShi (YOSHI), Dogelon Mars (ELON), and Hoge Finance (HOGE).

Apparently, SHIB is serious enough to challenge DOGE. The token developed by Ryoshi has successfully entered the non-fungible token digital art space with Shiboshi NFT. A few months ago, the SHIB developer also managed to launch the ShibaSwap exchange which is claimed to have cheaper transaction fees than Uniswap.