Doge, Shiba Inu Consolidate Following Week's Strong Run; Another Leg-up In The Cards?

The original meme token Doge DOGE/USD and its top meme competitor Shiba Inu SHIB/USD provided some excitement in this week's crypto market.

Shiba Inu's Record Run: The Doge killer carried over the momentum from last Sunday, when it hit a fresh all-time high of $0.000044. The meme currency retested the level during Monday's intraday session before retreating to end the day at $0.000042. Tuesday, Shiba Inu kicked into high gear and broke above the previous high, before scaling to an intraday peak of $0.000049 before settling at $0.000048.

Shina Inu soared over 80% to another all-time highs of $0.000087 on Wednesday intraday before easing to $0.000080. Buying picked up on Thursday, as the meme currency rose above the previous session's peak to $0.000088 intraday. The meme currency paused for a breather subsequently and has been consolidating the gains.

Doge Rises But Lags Its Shiba Inu Sibling: Doge, which was locked in the 23.5-26.2 cent range in the previous week, took off last Sunday. The meme currency moved out of the trading range and settled at 27.71 cents on Sunday. After a retreat over the next few sessions, Doge began to sprint higher on Thursday and hit a nearly 2-1/2-month high of 33.88 cents in the session. The crypto gave back some of the gains and ended the day at 30.05 cents.

Doge hasn't been able to break above the 30-cent level since then. As Doge underperformed Shiba Inu, the latter's market capitalization moved above the former. Shiba Inu is now placed ninth in terms of market capitalization among the cryptocurrencies and Doge is placed one below it.

Related Link: Dogefight: Shiba Inu, Dogecoin Rally Hard

Is The Consolidation A Calm Before The Storm? With the crypto rally picking up momentum in October and the final three months of the year are historically a good time for all assets, are these dog-themed cryptos poised to see a leg up? More mainstream adoption could provide a shot in the arm for these cryptos.

Theater chain AMC Entertainment Holdings, Inc. AMC is working on accepting Doge along with a few other altcoins before the year-end. AMC already allows buying digital gift cards with cryptos, including Doge.

For Shiba Inu, the next big catalyst could be its listing on trading app Robinhood Markets, Inc. HOOD. AMC is also contemplating adding Shiba Inu as a payment option for tickets. Over the weekend AMC CEO Adam Aaron ran a poll asking if the theater chain should begin accepting Shiba Inu.

Tesla, Inc. TSLA CEO Elon Musk has been a staunch backer of Doge. His tweets on Doge have offered support to the crypto many times in the past. Tesla announced earlier this year it could begin accepting payments for its EVs using Bitcoin BTC/USD but did an about-turn later. If Tesla chooses to use Doge as a payment mode, it could prove hugely positive for the currency.

Doge and Shiba Inu are currently pulling pack after the week's strong gains. Doge needs to hold support around 26.3 cents for it to stall the current selling. At last check, Doge was slipping 4.7% to $2741 and Shiba Inu was seen retreating 4.55% to $0.000070.

Related Link: Clamor For Adding Shiba Inu To Robinhood Grows Louder As The Meme Crypto Shoots For The Moon

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyMarketsTrading Ideas
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!