Although the crypto markets have been quite mixed in recent days, meme coin Things are going quite differently on the front. Shiba Inu (SHIB) has recently surpassed Dogecoin (DOGE), which is considered the leading meme coin in terms of market cap. Waiting for the current consolidation in SHIB price to end, the community believes the next move will be bullish.
Meme Coin Competition Grows
Shiba Inu (SHIB) and Dogecoin (DOGE), competing fiercely for a higher share in the meme coin market. Fans think that Shiba Inu recently surpassed Dogecoin’s market cap and momentarily beat DOGE.
The occurrence of this event reinforced a bullish sentiment among the community and investors. Shiba Inu has also managed to surpass Dogecoin’s market capitalization in the past and then triggered a rally. Fans identified another critical catalyst for the Shiba Inu’s price hike.
Welly, a restaurant known for its burgers, Shiba Inu (SHIB) It had recently been rebranded to accept payment via . Welly stated that he wanted to make a contribution to the community by getting paid with SHIB. Welly announced that the community will be entitled to a portion of the profits from all activities. It looks like the community may then decide to burn the Shiba Inu tokens or use them for some other purpose.
Analysts evaluating the Shiba Inu price trend predict that the consolidation will continue. Valeria Blokhina, a crypto analyst and trader, noted that the Shiba Inu price has been consolidating within a triangle for some time. Meme coin may continue before a breakout.
Additionally, Welly has partnered with crypto payments firm NOWPayments, which plans to burn a percentage of its revenues in SHIB tokens. Despite all these developments, Altcoin Sherpa still does not recommend buying SHIB.
$SHIB: Still in this but I dont advise buying this for anything active. I’m mostly just holding it bc I’m not on the computer as much rn. Still of the opinion that this will move eventually but opportunity cost is large if you’re active. pic.twitter.com/mqxC5j02CQ
— Altcoin Sherpa (@AltcoinSherpa) April 30, 2022
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.