Shiba Inu Price Rebounds 100%, Rally to Continue?
• Shiba Inu’s SHIB price was at its lowest against Dogecoin in November 2022 and has now recovered by 100%
• The increase was due to the impending launch of Shibarium, a Shiba Inu-backed layer-2 blockchain
• Despite this, both memecoins have had a great start to 2023, with SHIB/USD up 85% and DOGE/USD up 36%
Shiba Inu Price Rebound
The Shiba Inu SHIB $0.000014 price was at its lowest versus its top rival, Dogecoin DOGE $0.09 , in November 2022. Three months later, the dynamics have flipped. On Feb. 4th 2023, the SHIB/DOGE pair reached 0.00001638 DOGE, up almost 100%.
Launch of Shibarium
The sharp recovery came as investors’ focus shifted to the impending launch of Shibarium, a Shiba Inu-backed layer-2 blockchain built on the Ethereum mainnet, announced on Jan 16th. Reports suggested that Shibarium will go live on Feb 14th which further increased momentum for SHIB prices.
In comparison, Dogecoin’s fundamentals looked pale with Elon Musk suspending a DOGE tipping bot for violating Twitter’s rules; however both memecoins have had a great start to 2023 with SHIB/USD up almost 85%, while DOGE/USD is up 36%.
Several technical indicators suggest that the SHIB/DOGE recovery trend is set to continue in the coming weeks and could climb to 0.00002181 by mid-February 2021 according to historical cycles.
The recent rebound of Shiba Inu’s token indicates strong growth potential as Shibarium comes into focus; however despite this Dogecoin still remains popular among users as indicated by recent trends in market capitalization and volume traded over 24 hours