Shiba Inu SHIB/USD and Baby Doge Coin BABYDOGE/USD were both trading slightly lower during Friday’s 24-hour trading session, in continued consolidation after the FTX debacle and resulting bankruptcy sent the wider crypto sector plunging on Nov. 8 and Nov. 9.

Shiba Inu and Baby Doge Coin have traded in tandem with Dogecoin DOGE/USD, settling into triangle patterns, which could also be considered bear flag patterns when paired with the FTX-induced decline.

Traders and investors of Shiba Inu and Baby Doge Coin will want to keep a close eye on Bitcoin BTC/USD over the weekend, because the two micro cryptos are likely to take cues from the apex crypto.

If Bitcoin begins to move higher, Shiba Inu and Baby Doge Coin may break up from the triangles, while if Bitcoin breaks to a new 52-week low over the coming days, Shiba Inu and Baby Doge Coin are likely to break down from their bear flags.

From a technical standpoint, both cryptos look set to break up or down from their respective triangles over the coming days, although Shiba Inu may lead because it will hit the apex of its triangle sooner.

It should be noted, however, that events affecting the general markets and news headlines can quickly invalidate patterns and breakouts. As the saying goes, “the trend is your friend until it isn’t,” and any trader in a position should have a clear stop set in place and manage their risk versus reward.

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The Shiba Inu Chart: Shiba Inu is set to meet the apex of its triangle on Sunday and traders can watch for the crypto to break up or down from the pattern on higher-than-average volume to gauge the future direction. If Shiba Inu breaks from the pattern on low volume, the triangle will be negated and the crypto may continue to consolidate sideways for a period of time.

If Shiba Inu breaks down from the triangle on high volume on smaller time frames, the bear pattern may be dominant. If that happens, the measured move is about 27%, which indicates Shiba Inu could fall toward $0.00000720.

If Shiba Inu breaks up from the triangle, the crypto will regain the eight-day exponential moving average (EMA), which would be a positive sign for the bulls. A break up from the triangle could also cause Shiba Inu to print a higher high above $0.00000965, which would confirm the crypto is trading in an uptrend.

Shiba Inu has resistance above at $0.00000925 and $0.00000975 and support below at $0.00000856 and $0.00000738.

The Baby Dogecoin Chart: Baby Doge Coin is set to meet the apex of its triangle on Nov. 23. Like with Shiba Inu, traders can watch for a break of the triangle to come on higher-than-average volume to indicate the pattern was recognized.

Baby Doge Coin’s trading volume has been steadily decreasing, which indicates the crypto is running out of both buyers and sellers. Decreasing volume is often followed by a big influx in volume, which could help to break Baby Doge Coin from the triangle prior to the crypto reaching the apex.

Baby Doge Coin has resistance above at $1.33 and $1.60 and support below at $1.42 and 87 cents.

See Also: FTX’s Bombshell Court Filing: Sam Bankman-Fried Was Ordered By Bahamas Regulators To Obtain Digital Assets Via ‘Unauthorized Access’

Whether you like them or not, it is clear that cryptocurrencies are continuing to grow. They are changing several aspects of our daily living regarding how we transfer, exchange, and make money digitally. It diverts from traditional centralised institutions and provides a platform where users are more in control of their finances, due to the power of blockchain technology. A sector in crypto that has recently been the focal point of the market is meme coins – tokens deriving from internet memes and viral images. One prominent example of a creative meme coin is Shiba Inu (SHIB), a currency known for its canine appeal. However, there is a newcomer to the meme market that plans to win people over through its cuteness: friendly feline token Big Eyes (BIG).

The Big Potential of Big Eyes (BIG)

Big Eyes (BIG) is a new community-driven token aiming at transferring wealth into the decentralised finance (DeFi) ecosystem. It is a token that plans to win people over with its mascot – an anime-designed cat with gazingly large pupils. As stated in an Analytics Insight article, the developers of Big Eyes believe that having an adorable feline as their mascot targets a ‘billion-dollar industry’. This element already provides BIG with a unique selling point, because meme coins traditionally brand themselves with dogs as their figurehead. Additionally, Big Eyes plans to launch on the popular decentralised protocol Uniswap – which would help reach the currency to a larger audience whilst making it more accessible.

Furthermore, Big Eyes intends to construct a club for NFT holders called the ‘Sushi Crew’, following the theme of cats as they are stereotypically known for their love of eating fish. This club would allow an outlet for innovators, creators, and entertainers to convey their best works – providing an opportunity for users to distribute and purchase authentic content. BIG plans to have 90% of their 200,000,000,000 tokens available at launch. Thus, if you are looking for a currency that differentiates itself from others through its niche branding, and offers several unique features, the big-eyed feline coin is one to keep an eye on as it has great potential.

The Dominance of Shiba Inu (SHIB)

One of the most dominant cryptocurrencies and meme coins currently on the market is Shiba Inu (SHIB). Shiba Inu identifies itself as a decentralised meme coin that evolved into a vibrant ecosystem. The network name derives from the dog breed of the same name. They are also known as the alias ‘Dogecoin Killer’, as SHIB is a direct competitor of the most successful meme coin Dogecoin. The blockchain network quickly gained value and speed as a community due to its cute charm. A notable figure who has significantly contributed to the success of Shiba Inu is Canadian programmer and Ethereum co-founder, Vitalik Buterin. Buterin was rumoured to be the founder of SHIB, as the founder remains anonymous and goes by the pseudonym ‘Ryoshi’.

However, Buterin publicly denied these claims on the Lex Fridman podcast in June 2021. Nevertheless, Buterin is responsible for conducting the largest crypto donation in 2021, where he donated $1 billion worth of SHIB to a COVID-Crypto Relief Fund in India – a strategy done to help revert the spread of the virus. Furthermore, SHIB encourages dog-inspired artists to foster the ‘Shiba movement’ in the NFT market. Shiba Inu is ranked fourteenth best crypto regarding its market capitalisation according to coinmarketcap. Therefore, if you are looking for a meme coin that has a track record of providing financial fortune, Shiba Inu is the canine coin to purchase.

To find out more about Big Eyes (BIG), click the link below: https://coinrivet.com/will-celebrities-have-the-same-effect-on-big-eyes-big-as-they-did-with-binance-coin-bnb-and-cardano-ada/

More information on Big Eyes (BIG):

Website: https://www.bigeyes.space/
Telegram: https://t.me/BIGEYESOFFICIAL
Twitter: https://twitter.com/BigEyesCoin
Instagram: https://www.instagram.com/BigEyesCoin/ 

Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Bitcoinist. Bitcoinist does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.

It’s an asset that either makes perfect sense to you, or is a complete enigma. I’m talking about dog-themed altcoin Shiba Inu (CCC:SHIB-USD), and whether you love it or hate it, Shiba Inu has posted life-changing gains this year.

Source: WindAwake / Shutterstock.com

Of course, not every trader has made big money on SHIB-USD. As we’ll see, there’s been a recent pullback in the price, though this could provide an excellent entry point for investors.

Besides, it’s not just about the price action. There’s an abiding belief among Shiba Inu devotees (sometimes also called Vikings) that this token can help to protect the holders against inflation.

And indeed, there’s an upcoming event which could make SHIB more valuable. So, whether you have a dog in the race or not, this is a cryptocurrency you’ll definitely want to pay close attention to.

Analyzing the Shiba Inu Price

On the afternoon of Dec. 8, Shiba Inu was trading at $0.000037. That might sound like it’s next to nothing, but it actually represents a massive multi-month price gain.

I’ll put it to you this way: SHIB-USD started off the year at $0.000000000073. My old calculator won’t even allow me to input that number.

Zak Killermann, financial technology (fintech) and crypto expert with Finder, put the token’s astounding returns into perspective.

“Looking back at the last 12 months, SHIB gains are standing at a figure of 22,717,023.9%, placing it on the list of top 20 cryptocurrencies by total market cap,” Killermann calculated.

On the other hand, Shiba Inu has pulled back recently. The price topped out at approximately on $0.000087 on Oct. 27.

Therefore, if your brain can handle looking at all of those zeros, keep your eyes on SHIB-USD. Perhaps even consider buying a few coins on the dip.

Burn, Baby, Burn

As I alluded to earlier, one of the selling points of Shiba Inu is that it can provide some protection against U.S. dollar inflation.

Or at least, it can sidestep inflation, which is at a whopping 6.8% on an annualized basis.

For half a year, the inflation rate has stayed at 5% or higher. That’s unacceptable to many people.

In contrast, the supply of Shiba Inu tokens is actually going to get smaller, not bigger.

Reportedly, during the coming weeks, there will be a massive coin burn in order to reduce the supply of SHIB coins.

Plus, apparently “Ryoshi,” Shiba Inu’s enigmatic founder, stated that the coin burn is expected to pave the way for the project to enter into the metaverse.

An Expanding Shiba Inu Ecosystem

Ryoshi reportedly teased some upcoming SHIB-related projects.

They were quoted as saying, “We are working on so many aspects of Shiba Inu including Shibarium, Shi, Shibanet, The Decentralized Shiboshi Game, Incubator and much more that won’t become evident until the near future.”

This is encouraging, as there’s the potential for the token to have multiple applications.

If the Shiba Inu Project can get a strong foothold into the burgeoning metaverse, this should benefit the investors.

The idea here is to enhance the coin’s credibility. It’s already quite popular, and more traders are showing interest in SHIB.

In September, 1.5 million people searched for “Shiba Inu coin,” believe it or not. That represents a whopping 2.1 million percent jump.

Clearly, SHIB-USD has come a long way since its introduction. It’s likely that more people will start to take the token and the project seriously in 2022.

The Bottom Line

So, is it a bad thing that the Shiba Inu price pulled back?

Not necessarily.

This could be your chance to add to your position, or start a new one.

The imminent coin burn, along with the project’s expansion into the metaverse, should help to boost the SHIB-USD price.

So, don’t hesitate to take a chance on this cheap but high-conviction canine coin.

On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

David Moadel has provided compelling content — and crossed the occasional line — on behalf of Crush the Street, Market Realist, TalkMarkets, Finom Group, Benzinga, and (of course) InvestorPlace.com. He also serves as the chief analyst and market researcher for Portfolio Wealth Global and hosts the popular financial YouTube channel Looking at the Markets.