Shiba Inu (SHIB) Is Looking at Another Breakout, Says Gokhshtein

Memecoin season has just begun as SHIB & DOGE lead the bull run.

Shiba Inu & Doge are looking at another breakout

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.

Sponsored

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.”

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.

Sponsored

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

Why You Should Care

With memecoins leading the bull race, the crypto market could increase its total market cap significantly.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.