Shiba Inu Price Prediction: SHIB Shows Unusually High Strength Against Dogecoin

NewsBTC
Updated May 30, 2024 01:28
Mitrade

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).

Shiba inu

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. 


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. 

Shiba Inu price chart from Tradingview.com

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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