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 may very well 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 previous couple of days. Based on his technical evaluation, he claimed that Shiba Inu is “positioned thoroughly” on the higher timeframe (HTF).
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Source: X
On the lower timeframe, the crypto analyst added that Shiba Inu has “been very strong” in comparison with Dogecoin, which he noted isn’t “typical.” Cold Blooded Shiller also remarked that Shiba Inu has had one among the quickest and strongest market recoveries within the last 24 hours. Indeed, Shiba Inu’s performance within the last 24 hours has been impressive.
The meme coin has experienced a price gain of over 13% within the last 24 hours, which has caused it to overtake Cardano and climb into the tenth spot among the many top cryptocurrencies by market cap. Crypto analyst and influencer Ansem also suggested that that is only the start 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 attributable to several aspects, including the sentiment across the Ethereum Spot ETFs. Ethereum-based tokens are sure to profit from the hype around these funds. Coinbase International Exchange also recently announced that it would add support for Shiba Inu perpetual on its platform starting May thirtieth.
The recent market trend has also contributed to Shiba Inu’s double-digit rally, with meme coins arguably the leading narrative in the meanwhile. That is why other meme coins like Pepe (PEPE) and Dogwifhat (WIF) have also recorded significant price gains these days, up 9% and 33%, respectively, within 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 within the Shiba Inu ecosystem as one other factor that has helped the meme coin rise to change into the Tenth-largest crypto token by market cap.
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These developments include the launch of the layer-2 network Shibarium, which has change into an integral a part of the ecosystem. More recently, the team also raised $12 million in funding for its proposed layer-3 network, which is able to boost Shiba Inu’s image.
On the time of writing, Shiba Inu is trading at around $0.0000274, up over 12% within the last 24 hours, in keeping with data from CoinMarket Cap.
SHIB bulls reclaim control from bears | Source: SHIBUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com