Shiba Inu price is on the rise as investors look for alternatives to Dogecoin, the original meme coin. Dogecoin has failed to rally despite the hype around the April 20 date, which was supposed to be a day of celebration for the cryptocurrency community. Moreover, Dogecoin has suffered from the lack of support from Elon Musk, who was once its biggest promoter. Bitcoin’s recent slump has also dragged down the entire crypto market, making it harder for meme coins to gain traction.

However, Shiba Inu, which was created in 2020 as a joke and a rival to Dogecoin, has shown some signs of life in the past few days. Shiba Inu price has bounced back from a low of $0.00000964 on March 10 to a high of $0.0000117 on April 15, a 21% increase. The coin has also broken above a key resistance level of $0.0000101, which could signal a reversal of the downtrend that started in February.

Shiba Inu price could now target the next resistance level of $0.0000126, which is the midpoint of the 38% crash that occurred between February 4 and March 10. If Shiba Inu price can sustain this momentum and break above this level, it could trigger a 22% rally to $0.0000157, which is the local top that was formed on February 4.

Shiba Inu price is still far from its all-time high of $0.000032, which was reached on January 30, but it has outperformed Dogecoin in terms of percentage gains in the past week. Shiba Inu price has risen by 7.85% in the past 7 days, while Dogecoin price has dropped by 3.92%. Shiba Inu price has also increased by 0.88% in the past 24 hours, while Dogecoin price has declined by 3.46%.

Shiba Inu is a decentralized cryptocurrency that runs on the Ethereum blockchain and has a total supply of 1 quadrillion coins. The coin’s creators claim that it is an experiment in spontaneous community building and that they have locked 50% of the total supply to Uniswap, a decentralized exchange platform, and burned the other 50% to Vitalik Buterin, the co-founder of Ethereum.

Shiba Inu is one of the many meme coins that have emerged in the crypto space, inspired by Dogecoin’s success and popularity. Some of these coins include Love Hate Inu, which raised more than $4 million in its presale and claims to be the hottest new crypto; and Kishu Inu, which promises to be a faster and cheaper alternative to Shiba Inu.

Meme coins are generally considered to be risky and speculative investments, as they have no intrinsic value or utility and rely heavily on social media hype and celebrity endorsements. However, they also offer an opportunity for investors to make huge profits in a short period of time, if they can time the market correctly and sell before the hype dies down.