Shiba Inu and Dogecoin Mimic Each Other, SHIB/USD Eyes 216% Surge, DOGE/USD Targets $1

Dogecoin DOGE/USD and Shiba Inu SHIB/USD are trading around 3% higher in a single day boosted by the optimism in the cryptocurrency market.

Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) both rose around 3% over 24 hours on Wednesday evening as cryptocurrency optimism returned.

What Happened: Meme coin traders remained optimistic about the top two coins, with some suggesting potential price targets based on technical analysis.

Crypto chart analyst Ali Martinez shared a comparison between Shiba Inu and Dogecoin price charts, suggesting SHIB could hit $0.00049 if it mirrors DOGE’s pattern.

“Shiba Inu $SHIB looks like Dogecoin $DOGE! If true, $0.00049 next!” wrote Martinez.

Shiba Inu daily time frame. If this plays out like doge did, .00049 If we’re lucky pic.twitter.com/MsNYhh3bNi

Trader Javon Marks highlighted SHIB’s daily chart with a possible bull pattern confirmation, adding that a breakout target of $0.000081 — 216% above current levels — could see SHIB surge more than 200%.

“Shiba Inu daily forming a bull pattern confirmation here. Breakout target: $0.000081 (+216%) A daily close below $0.00003 would invalidate the pattern.”

For Dogecoin, altcoin trader Altcoin Sherpa noted that the recent correction in DOGE was not bearish, adding that he sees opportunities for buyers with another leg up expected soon.

“Dogecoin making lower highs and lower lows on this correction, but still holding the HTF bullish structure. Another leg up soon I’m expecting.”

Crypto Amsterdam shared a chart showing DOGE hovering in a mid-range phase, suggesting $1 could be on the horizon.

“Dogecoin is trading within a mid-range phase after bouncing off the lower boundary at $0.07. A breakout from the upper boundary at $0.11 could lead to a move towards $1.”

Meanwhile, trader Kevin forecasts a DOGE breakout by Saturday.

“Breakout for Dogecoin by Saturday the latest.”

Breakout for Dogecoin by Saturday the latest pic.twitter.com/ekSBkZ8UAt

Shibarium Activity: Daily transactions climbed from 4.66 million on Nov. 20 to 4.75 million on Nov. 21, IntoTheBlock data showed. The average gas used in Shibarium transactions also rose from 100 gwei to 105 gwei during the same period.

The total value transacted on Shibarium over 24 hours increased from $490,000 to $500,000, while the average transaction size decreased from 0.001 ether (CRYPTO: ETH) to 0.0009 ether.

DOGE Price Action: Dogecoin traded up 2.8% at $0.08004 over 24 hours.

SHIB Price Action: Shiba Inu rose 3.1% to $0.00003103 during the same period.