Shiba Inu Price Prediction: SHIB Displays Remarkable Strength Against Dogecoin
Crypto analyst Cold Blooded Shiller has offered his insights on the future trajectory of Shiba Inu (SHIB) in relation to Dogecoin. According to the analyst, the second-largest meme coin by market cap could soon compete for Dogecoin’s position, considering its recent bullish momentum.
Cold Blooded Shiller stated in a post that he believes Shiba Inu will soon experience a parabolic move to the upside. He noted that Shiba Inu’s performance has been unusually strong over the last few days. Based on his technical analysis, he claimed that Shiba Inu is well positioned on the higher time frame (HTF).
On the lower time frame, the analyst added that Shiba Inu has demonstrated significant strength compared to Dogecoin, which is atypical. He also highlighted that Shiba Inu has exhibited one of the fastest and strongest market recoveries in the past 24 hours, showcasing impressive performance.
In the last 24 hours, Shiba Inu has gained over 13% in price, surpassing Cardano and climbing into the tenth spot among the top cryptocurrencies by market cap. Influencer Ansem further supported this rally, suggesting that Shiba Inu’s price surge is just the beginning and sharing a chart hinting at an imminent breakout.
Several factors have contributed to Shiba Inu’s rise, including the sentiment surrounding Ethereum Spot ETFs and the recent announcement of support by Coinbase International Exchange for Shiba Inu perpetual starting May 30th.
Furthermore, the overall market trend, with meme coins taking the spotlight, has also contributed to Shiba Inu’s double-digit rally. Other meme coins like Pepe (PEPE) and Dogwifhat (WIF) have also witnessed significant price gains recently, with increases of 9% and 33% respectively over the last seven days.
Shiba Inu’s Marketing Lead, Lucie, attributed the success of Shiba Inu largely to the support of the SHIB community, emphasizing that their incredible milestone wouldn’t have been possible without their amazing backing. Lucie also highlighted the developments in the Shiba Inu ecosystem, including the launch of the layer-2 network Shibarium and the successful funding of $12 million for the proposed layer-3 network.
At the time of writing, Shiba Inu is trading at around $0.0000274, experiencing a gain of over 12% in the last 24 hours, according to data from CoinMarket Cap.