Shiba Inu Price Prediction: SHIB Shows Unusually High Strength Against Dogecoin
May 29 2024 - 7:05PM
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Crypto analyst Cold Blooded Shiller has provided insight into the
Shiba Inu (SHIB) future trajectory in relation to Dogecoin. The
analyst suggested that the second-largest meme coin by market cap
could be coming for Dogecoin’s position soon enough, given its
recent bullish strength. Shiba Inu Is Poised To Rip Through
The Charts Cold Blooded Shiller mentioned in an X (formerly
Twitter) post that he believes Shiba Inu will soon “send,” meaning
that the meme coin will soon experience a parabolic move to the
upside. He noted that Shiba Inu’s performance has been “unusual”
over the last few days. Based on his technical analysis, he claimed
that Shiba Inu is “positioned very well” on the higher time frame
(HTF). Related Reading: $2.9 Billion In Mt. Gox Bitcoin On The Move
For The First Time In 5 Years, Where Is It Headed? On the lower
time frame, the crypto analyst added that Shiba Inu has “been very
strong” compared to Dogecoin, which he noted isn’t “typical.” Cold
Blooded Shiller also remarked that Shiba Inu has had one of the
quickest and strongest market recoveries in the last 24 hours.
Indeed, Shiba Inu’s performance in the last 24 hours has been
impressive. The meme coin has experienced a price gain of
over 13% in the last 24 hours, which has caused it to overtake
Cardano and climb into the tenth spot among the top
cryptocurrencies by market cap. Crypto analyst and influencer Ansem
also suggested that this is just the beginning of Shiba Inu’s price
rally, stating that the meme coin is about to get “jiggy” while
sharing a chart that hinted at an imminent price breakout for Shiba
Inu. Shiba Inu’s rise is believed to be due to several
factors, including the sentiment around the Ethereum Spot ETFs.
Ethereum-based tokens are bound to benefit from the hype around
these funds. Coinbase International Exchange also recently
announced that it will add support for Shiba Inu perpetual on its
platform starting May 30th. The recent market trend has also
contributed to Shiba Inu’s double-digit rally, with meme coins
arguably the leading narrative at the moment. This is why other
meme coins like Pepe (PEPE) and Dogwifhat (WIF) have also recorded
significant price gains lately, up 9% and 33%, respectively, in the
last seven days. SHIB Team Reacts To Price Gain Shiba Inu’s
Marketing Lead, Lucie, reacted to Shiba Inu flipping Cardano. She
attributed the meme coin’s success largely to the SHIB community,
noting that the “incredible milestone wouldn’t be possible without
the amazing support from our community.” Lucie also highlighted the
developments in the Shiba Inu ecosystem as another factor that has
helped the meme coin rise to become the 10th-largest crypto token
by market cap. Related Reading: XRP Price Moves To Break Out
Of 7-Year Accumulation, Analyst Highlights Possible 1,200% Rally
These developments include the launch of the layer-2 network
Shibarium, which has become an integral part of the ecosystem. More
recently, the team also raised $12 million in funding for its
proposed layer-3 network, which will boost Shiba Inu’s image.
At the time of writing, Shiba Inu is trading at around $0.0000274,
up over 12% in the last 24 hours, according to data from CoinMarket
Cap. Featured image created with Dall.E, chart from
Tradingview.com
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