![Shiba Inu](https://www.newsbtc.com/wp-content/uploads/2024/05/Shiba-Inu-2-1.jpeg?fit=860%2C491)
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](https://www.newsbtc.com/wp-content/uploads/2024/05/Shiba-inu-2.png?w=460&resize=460%2C252)
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.
Featured image created with Dall.E, chart from Tradingview.com
Scott Matherson
Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott’s dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.