Dogecoin Soars 27%, Will Shiba Inu Follow?

Dogecoin jumped 27%, will Shiba Inu follow (Photo; Doc. Techstory)

JAKARTA - Dogecoin (DOGE), the largest and most popular meme coin, closed the third week of October with a significant price spike of 28.5%. Now, DOGE is trading at the level of 0.143 US Dollars (Rp2,207)) the highest price since June 2024.

In one week, Dogecoin managed to clear the price drop that has occurred over the past four months, and optimism among investors sparked speculation that DOGE could soon hit an all-time high, even touching 1 US Dollar (Rp 15,437) per token.

Dogecoin's sharp rise raises the question: what crypto will follow? Many believe that the strongest candidate is Shiba Inu (SHIB), the crypto meme which is often considered a "sister" of Dogecoin. SHIB and DOGE price movements often go hand in hand, and these last weeks are no exception.

However, although SHIB has also increased, its growth is slower than DOGE. In the past week, the price of Shiba Inu has risen by 7.11%, much smaller than the four-fold increase in DOGE.

According to U.Today's information, one of the main factors driving the Dogecoin spike is the nearing United States election. Political sentiment often has a significant impact on the crypto market, especially for Dogecoin, which has a broad appeal among retail investors. Meanwhile, Shiba Inu does not have a similar external trigger that can push its price in the short term.

However, the crypto market is ultimately still influenced by price movements on the graph. If you follow the previous pattern, it is predicted that the Shiba Inu will continue to follow Dogecoin's footsteps towards further increases.

Although its growth is not as high as Dogecoin, Shiba Inu still has great potential to move up, especially with strong community support and the growing ecosystem development.

Some analysts estimate that the next bull market phase could provide a significant boost to SHIB, especially if adoption and development of Shiba Inu use cases, such as NFT and metaverse, continues to grow.

In the near future, whether Shiba Inu will follow Dogecoin in setting a new price record is still a big question. However, with the rapid changing dynamics of the crypto market, it is not impossible that SHIB will soon pursue DOGE and may even exceed investor expectations.