Just as Dogecoin (DOGE) rose to fame, it also managed to provide support for another meme coin that was Shiba Inu (SHIB). Even when the year 2021 began, SHIB was following in the footsteps of DOGE as the second-largest meme coin.
Although both cryptocurrencies were a joke, to begin with, Elon Musk had different plans for them. Initially, Elon Musk went for DOGE at the beginning of April 2021. By the time DOGE had managed to become the most trending coin of 2021, things started looking good for SHIB.
SHIB continued mustering its strength in the background were and it made its first breakthrough mid-May. It was on May 11, when SHIB hit its all-time high of $0.00003431 for the first time since 2021. Soon, it lost its steam but it continue being traded at a higher rate than it was back in early 2021.
Then it was in October when SHIB finally grew bigger than ever. That was the time when SHIB again crossed the $0.00003000 barrier for the second time, growing all the way up to $0.00003314. By this time, DOGE had already lost its market presence and it was being traded in the background.
While DOGE continued facing a downtrend, things were looking good for SHIB as it continued growing in size. It was on October 28, when SHIB its all-time high of $0.00008845 per SHIB.
However, it didn’t prove to be a strong position for SHIB and it soon lost to the resistance, plunging down to $0.00006144 by the end of October 28. Since then, SHIB’s performance has been fluctuating but it has mainly experienced a downtrend.
The TradingView performance graph for SHIB shows that its general trend has been bearish. From November 1, 2021, until December 1, 2021, the SHIB price has experienced a 36.24% downtrend. Due to its high trend in October, SHIB had earned the number 7 spot of being the largest cryptocurrency in terms of valuation.
SHIB even went on to defeat DOGE in the process, becoming the largest meme coin for a brief amount of time, until DOGE reclaim its position.
Despite the huge plunge in the past 30-days, SHIB seems to have made a comeback because it has demonstrated 16.90% growth in its price in the past 7-days. This is because several cryptocurrency firms have started showing their support for SHIB.
One of the most supportive announcements for SHIB was Kraken enlisting the meme coin on its platform. Kraken is currently one of the oldest and largest cryptocurrency exchanges that announced it had enlisted SHIB on its platform on November 29, 2021.
This goes to show that SHIB has a bright future ahead and even the RSI for SHIB seems to be moving up in direction of its recent positive trend.
