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SHIB shows unusually high strength against Dogecoin
Cold Blooded Shiller Crypto Analyst provided information about Shiba Inu (SHIB) future trajectory in relation to Dogecoin. Analyst Suggested Second Largest Meme Coin by Market Cap Could Be Coming Dogecoin Position soon, given its recent bullish strength.
Shiba Inu is poised to break the charts
Cold Blooded Shiller mentioned in an X (formerly Twitter) publish that he believes Shiba Inu will “ship” soon, meaning the meme coin will soon experience a parabolic movement to the positive side. He noted that Shiba Inu performance has been “unusual” in recent days. Based on his technical analysis, he stated that Shiba Inu is “very well positioned” in the highest time frame (HTF).
In the lower period, the crypto analyst added that Shiba Inu “has been very strong” compared to Dogecoin, which he noted is not “typical.” Cold Blooded Shiller also noted that Shiba Inu had one of the fastest and strongest market recoveries in the last 24 hours. In fact, Shiba Inu’s performance over the last 24 hours has been impressive.
The meme coin has seen a price gain of over 13% in the last 24 hours, which has caused surpass Cardano and rise to tenth place among the top cryptocurrencies by market cap. Crypto analyst and influencer Ansem also suggested that this is just the beginning of the Shiba Inu price rally, stating that the meme coin is about to get “buzzed” by sharing a chart that suggested an imminent price breakout for Shiba Inu.
Shiba Inu’s rise is believed to be due to several factors, including sentiment around Ethereum Spot ETFs. Ethereum-based tokens will certainly benefit from the enthusiasm surrounding these funds. Coinbase International Exchange also recently announced which will add perpetual Shiba Inu support to its platform starting May 30th.
The recent market trend has also contributed to Shiba Inu’s double-digit rally, with meme coins arguably the main narrative at the moment. This is why other meme coins like Pepê (PEPE) It is Dogwifehat (WIF) have also seen significant price gains recently, rising 9% and 33%, respectively, in the last seven days.
SHIB team reacts to price gain
Shiba Inu Marketing Lead, Luciereacted to Shiba Inu launching Cardano. She assigned the success of the meme coin largely due to SHIB Community, noting that “the incredible milestone would not be possible without the incredible support of our community.” Lucie also highlighted developments in the Shiba Inu ecosystem as another factor that helped the meme coin grow to become the tenth largest crypto token by market cap.
These developments include the launch of Shibarium layer 2 network, which has become an integral part of the ecosystem. More recently, the team also raised US$12 million in funding its Layer 3 network proposal, which will boost Shiba Inu’s image.
At the time of writing, Shiba Inu is trading at around $0.0000274, up more than 12% in the last 24 hours, according to data from CoinMarket Cap.
Featured image created with Dall.E, chart from Tradingview.com