Bitcoin price at the time of writing is above $67,500 and has initiated a new movement targeting $69,000. The pressure on risk markets has eased somewhat with the Fed meeting behind us. The clearing of uncertainty has comforted investors. Tomorrow’s ETF volumes could determine whether we will rise above $70,000 again. Meanwhile, as the battle between DOGE and SHIB continues, which is the better option?
Dogecoin (DOGE)
DOGE price at the time of writing has approached the $0.15 mark again, following the rapid rise in BTC price. After reaching its 26-month high of $0.178, Dogecoin’s price fell more than 26% in ten days with the decline in BTC price. Now, it has turned its direction upwards again with BTC.
Dogecoin investors saw profitability drop back to the -10% region (MVRV), historically signaling a price recovery. Shiba Coin, on the other hand, is still far from this rise signal but continues behind DOGE with a 7% daily increase.
If DOGE price continues its profitability-driven rise, it could reach new highs above $0.15. However, in a scenario where BTC gains quickly reverse, we could see a drop to between $0.11 and $0.1 with closes below $0.127.
DOGE vs SHIB
In the past 24 hours, the Shiba Coin team did something they haven’t done in a long time and wrote that they will rise to the top of the meme coin rankings with the things they are about to announce. They trust in Shibarium, the Shib Community, and their yet-to-be-revealed secret projects to achieve these ambitious goals.
However, we can say that Dogecoin has more tangible assets to regain its strength. Firstly, DOGE found the opportunity to target peaks beyond $0.3 after surpassing $0.14, following a long period of decline.
On the other hand, Coinbase wants to list it in futures trading. In the application to the CFTC, commodity confirmation is requested for DOGE, LTC, and CH. If the U.S. Commodity Futures Trading Commission does not issue an adverse decision by April 1st, DOGE will finally be free from the potential wrath of the SEC.
Amidst regulatory uncertainty in the United States, the confirmation that DOGE and others are commodities following Bitcoin could shift the interest of investors looking to minimize legal risks. Of course, the future is uncertain; the CFTC could overturn the optimistic outlook with an adverse decision, or DOGE could fall below $0.1 if the BTC price correction deepens after the last rise.
