11/2/2022 | Analytics Insight
ANALYSTS SAY DOGECOIN AND SHIBA INU PRICES ARE UNPREDICTABLE, BUT SHARED THESE OBSERVATIONS
Dogecoin (DOGE) and Shiba Inu (SHIB) have been some of the best-performing crypto projects in the market over the past 7 days. In fact, looking at the charts for the past week, Dogecoin has been one of the most explosive coins in the market, with a 106% increase.
On the other hand, Shiba Inu (SHIB) increased by 16% during the same period. The price performance for these two coins has been quite tricky to predict because of the factors driving them. This has made it difficult for crypto analysts to predict their price performance for the next few days.
The bullish explosion of the Dogecoin (DOGE) and Shiba Inu (SHIB) coins were mainly driven by the news of Elon Musk buying Twitter. Elon Musk’s association with these coins and the fact that he might integrate them into Twitter made many investors accumulate Dogecoin and Shiba Inu.
That’s why the price for these coins surged, although, in the last two days, they have been consolidating.
Crypto analysts have observed that the Dogecoin and Shiba Inu price performance will be dependent on Twitter moves for the next few days. If Twitter announces its intention to adopt these two coins as currencies for making payments, then we are going to see their demand increase significantly.
Crypto analysts have also observed that the failure of Twitter to mention adopting crypto currency in various transactions will plummet the Dogecoin and Shiba Inu prices. And once the selling pressure starts, then the cascading effect will be so bad that they might wipe out all the gains made in October.
The other observation is that these coins have not done much to beat their rivals, Bitgert (BRISE) and Centcex (CENX). These two crypto coins have been giving DOGE and SHIB tough competition, particularly because of their massive utility.
Bitgert (BRISE) and Centcex (CENX) Competition Is Getting Tough
The Bitgert and Centcex competition against Dogecoin and Shiba Inu has been growing tougher with every development these projects have released. Bitgert (BRISE) and Centcex (CENX) projects have been releasing more utility on their chains, which is making them more competitive as crypto investments.
Therefore, even with the recent Dogecoin (DOGE) and Shiba Inu (SHIB) price surge, Bitgert (BRISE) and Centcex (CENX) are still deemed better crypto investments because of the massive profit potential they hold due to the mass adoption of their products.