At the time of writing, Shiba Inu has up 41% in a monthly time frame. This rally is fueled by new investor sentiment in cryptocurrencies which is impacting major cryptocurrencies like Bitcoin and Ethereum. restore the soil disappeared when FTX collapsed.
SHIB is one of the tokens that has risen significantly due to its high correlation with Bitcoin and Ethereum. Along with news from the hyped up token network upgrade, the rise of SHIB is a sure win for investors and traders.
However, the token recently entered a sideways market move before the Shibarium upgrade. Can the Shiba Inu continue the rally or will it suffer?
SHIB Compared to Other Meme Money
Token compared to other meme coins can be summed up in two words; second best. according to The Gem Hunters, a crypto research Twitter account, Shiba Inu is second in terms of social score, only behind DOGE by a few percentage points. The current market capitalization is $6.8 billion, losing to DOGE by $5 billion.
TOP 10 MEME TOKENS BY SOCIAL SCORE
26.01.20231️⃣ $DOGE
2️⃣ $SHIB
3️⃣ $QUACK
4️⃣ #BABYDOGE
5️⃣ $ FLOKI
6️⃣ $CATE
7️⃣ $ SKIN
8️⃣ $ FOR
9️⃣ $KIBA
🔟 #VOLT2 pic.twitter.com/2d8rQ1KNfq— The Gem Hunters.™ 💎 (@TheGemHunters) January 26, 2023
This could be a sign that it is meant to be DOGE-murderer still has a long way to go to dethrone the king of meme coins. But 2023 may be the year SHIB dethrones DOGE in terms of social dominance. latest news shows that Kusama recently confirmed the burning of 3 trillion, marking the end of one of the ecosystem’s goals.
Image: Cointribune
Shitoshi too recently teased the release of the network upgrade, calling Shibarium’s Open “soonauryish” which can indicate that the upgrade will happen before the beginning of February. However, SHIB’s sideways movement is a threat to its long-term prospects.
Shiba Inu Can Cope With Pain At This Level
The token’s stagnant market movements are the result of cautious investors and traders. This opportunity to take a profit it was over and the SHIB bulls fought again. If the token can close today’s trading day on a green candle, SHIB can have a chance to retest the $0.00001192 resistance.
But with the token still experiencing volatility in the short to medium term, we may see bears retest $0.00001117 support. However, the Shiba Inu Shibarium upgrade can give tokens some breathing room at this level.
SHIB total market cap at $994 billion on the daily chart | Chart: TradingView.com
If the token fails to break above $0.0000117, bears will have a field day to grab the $0.00001038 support. Investors and traders should watch the $0.00001117 support as it could cause pain in the market.
Monitoring major cryptocurrencies can also benefit Shiba Inu holders as the token has a high correlation with them. Now, investors and traders need to defend the token support because it is important for SHIB.
Featured image by Change.org