Shiba Inu (SHIB) Is Picking Up Steam in the Meme Coin Race

Shiba Inu (SHIB) has been steadily picking up steam in the meme coin race, rising 9% over the past week, while Dogecoin (DOGE) seems to be entering shakier territory.

This shift in trajectory might be due to a U.S. Senate investigation into Elon Musk’s influence, not just across his companies (Tesla and SpaceX) but also in how he’s shaped the narrative around Dogecoin.

The investigation, which was announced in June and is being led by Senator Elizabeth Warren, aims to examine the potential conflicts of interest arising from Musk’s dual roles in private business and public advisory positions.

“The breathtaking scope and scale of benefits Mr. Musk is gaining from his present position may never be known, and that is by design,” the Senate probe stated in a striking claim.

Reports suggest that Musk might be planning to distance himself from DOGE before the end of the year as he faces increasing pressure from regulators. This rumor has sparked cautious excitement among SHIB supporters.

With Dogecoin's story seemingly weakening, could this finally open the door for Shiba Inu to take the lead in the meme coin world?

Shiba Inu Still Has Ground to Cover in Market Cap

Right now, Dogecoin is leading the pack 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.

Earlier this year, SHIB briefly outpaced 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 for SHIB, and shifting sentiment as regulators are scrutinizing DOGE.

If these catalysts line up, we might see Shiba Inu seriously challenge Dogecoin’s dominance.

SHIB 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.

RSI is down to 47, signaling bearish pressure. Key support is at $0.000013, which is critical for holding the uptrend. If that support breaks, we could see a move toward $0.00001045. On the other hand, a clean move above $0.000014 would be a bullish breakout point to watch.

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.