Shiba Inu (SHIB) Gains Ground as Dogecoin (DOGE) Faces New Headwinds

Shiba Inu (SHIB) is picking up steam in the meme coin race, climbing 9% over the past week, while Dogecoin (DOGE) finds itself on shakier ground. At the heart of the shift? A U.S. Senate investigation into Elon Musk’s influence — not just across his companies, but also in how he’s shaped the narrative around Dogecoin.

Lawmakers are raising eyebrows over Musk’s dual roles in private business and public advisory positions. In a striking statement, the Senate probe noted, “The breathtaking scope and scale of benefits Mr. Musk is gaining from his present position may never be known, and that is by design.”

Adding fuel to the fire, reports suggest Musk might be planning to distance himself from DOGE before the end of the year. This rumor has sparked cautious excitement among SHIB supporters, who are now wondering if Dogecoin’s weakening story could finally open the door for Shiba Inu to take the lead in the meme coin world.

Market Cap: SHIB Still Has Ground to Cover

Right now, Dogecoin holds a strong lead when it comes to market value:

• Dogecoin Market Cap: $26 billion

• Shiba Inu Market Cap: $8 billion

For SHIB to catch up, its market cap would need to more than triple — a big ask, but not impossible. Remember 2021? SHIB briefly overtook DOGE after Ethereum co-founder Vitalik Buterin famously burned 410 trillion SHIB tokens, sending prices soaring.

Key factors that could help SHIB narrow the gap include:

• Ongoing token burns to tighten supply

• Growing retail investor demand

• Shifting sentiment as regulators scrutinize DOGE

If these catalysts line up, SHIB could seriously challenge DOGE’s dominance.

SHIB’s Price Action: Volatility on the Horizon

At the moment, SHIB is trading at $0.0000137, down about 2.4% over the past day. It’s moving within an ascending parallel channel on the daily chart — a technical pattern often associated with upward trends — but recent price action hints that momentum might be fading.

Here’s a snapshot of where things stand:

• RSI: Down to 47, signaling bearish pressure

• Key Support: $0.000013 (critical for holding the uptrend)

• Bearish Target: $0.00001045 if support breaks

• Bullish Breakout Point: A clean move above $0.000014

If SHIB slips below its current channel, a short-term pullback could be on the cards. But if sentiment shifts positively and SHIB regains strength, a push toward recent highs wouldn’t be out of the question.

Bottom Line:

As Dogecoin faces mounting scrutiny and uncertainty, Shiba Inu is quietly building momentum. With community support, technical setups, and market sentiment starting to align, SHIB could be positioning itself for a serious breakout — and maybe, just maybe, a shot at overtaking DOGE.