It’s all sunshine and rainbows for Shiba Inu (SHIB) this week, as the dog-themed memecoin has enjoyed a 53.8% gain in the last 7 days. The well-known crypto analyst and influencer David Gokhshtein has stepped in to offer his perspective on the recent positive developments for both top dog coins. While Gokhshtein expects Shiba Inu (SHIB) to make another bull run, the crypto enthusiast also admitted that rival Dogecoin (DOGE) “looks like it wants to break out.”
Shiba Inu (SHIB) Is Getting Ready for Round Two
Firstly, the crypto influencer remarked that “Shiba Inu looks like it’s fueling up for another leg” in his live stream, while also tweeting it on August 15th. At the moment, Shiba Inu (SHIB) sits near a key resistance level and with “#ShibaInu” and “Shiba Eternity” trending on Twitter for the second day in a row, the possibilities are endless.
The memecoin is leading the crypto rally this week because the hype of “The Merge” coincides with Shiba Inu’s new game release, Shiba Eternity, which already entered the top 50 on the Apple Store. On top of that, retail adoption is growing rapidly because of the forthcoming SHIB apparel line and acceptance by America’s two biggest food delivery services: Uber Eats US and DoorDash. Not to mention Welly’s, the Shiba Inu (SHIB) themed restaurant in Italy, with plans to set up shop in other countries in the near future. Ultimately, as retail adoption grows, the world will have to get used to seeing the cute face of the Japanese dog.
Can It All Be So Simple for Dogecoin (DOGE)?
Dogecoin’s (DOGE) founder Billy Markus, also known as Shibetoshi Nakamoto, stepped in to remind the DOGE army about the light-hearted approach of the project. “Dogecoin, at heart, is just a shared database and network to add verifiable transactions to that database to move around virtual coins.” The founder of DOGE remarked that “crypto is simple,” but “people are complicated.”
dogecoin is, at heart, just as shared database and network to add database entries in the form of virtual coins, with the doge meme as a mascot.— Shibetoshi Nakamoto (@BillyM2k) August 16, 2022
the rest is just about how people have decided to use it and value it. crypto is simple. people are complicated.
However, not everyone agrees with Shibetoshi Nakamoto’s opinion, as the Dogecoin (DOGE) developers have been working hard to introduce a better mechanism. Firstly, just a couple of weeks passed after the core update, which extremely reduces network fees. Secondly, the crypto community is waiting for the highly anticipated Dogechain, which will improve network security, and also give it better interoperability and compatibility with other blockchains.
At press time, Dogecoin (DOGE) trades at $0.084555, which marks a 21.2% weekly increase. Moreover, the top dog coin has reclaimed the #10 position by total market capitalization, just a couple of days after Polkadot (DOT) forced the canine coin to step aside. Dogecoin’s (DOGE) journey to the moon might take a while, as the memecoin still has a way to go to reinstate its all-time high at $0.73 on May 8th, 2021.
On the Flipside
- Despite sentiments for the canine memecoin, Elon “The Dogefather’ Musk gets whipped with a $258B lawsuit for building the DOGE pyramid
- Shiba Inu (SHIB) developer team has been facing difficulties distributing $BONE rewards partly due to slow processing on Ryoshi’s Vision
Why You Should Care
With memecoins leading the bull race, the crypto market could increase its total market cap significantly.
Read more about the dog race between Shiba Inu (SHIB) & Dogecoin (DOGE)
Read more about Shiba Inu’s recent surge, highest since April